Marketline Report for Friday, March 29th
This is Bob Larson with the Market Line Report for Friday, Mar 29th. The hog market braces for possible massive exports to China in Thursday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "We're sitting here limit-down ahead of the USDA Hog and Pig Report, but it's possible we're going to see massive pork exports ahead. The key issue is the demand from China. If they end up with 15 to 30-percent decline in production in China and they decide they're going to import 10-percent of what they're used to to offset those losses and the U.S. gets 25-percent of that business, keep in mind that comes out of 257-million pounds per month. Right now, China imports 20 to 50-million pounds a month, so you're talking about a huge increase."
Chicago May Wheat prices closed yesterday dn 5 at 463 ¾
May Corn was up ¼ at 373 ½
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 5 ¾ ranging from 6-08 ¾ to 6-48 ¾ DNS wheat with 14 % protein, prices for Apr were dn 7 ¾ ranging from 6-65 to 7-00
Live Cattle for Apr were up $.27 ½ at 126.62 ½ Mar Feeder cattle are dn $.15 to 141.95 Mar Class III milk was dn .01 cents at 15.07
