Marketline Report for Wednesday, January 24th
This is Bob Larson with the Market Line Report for Wednesday, January 24th. The cattle market holds steady on Tuesday. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Joe Vaclavik ... "The live cattle market traded both sides of unchanged, but was generally a little bit firmer here on Tuesday. We had a nice strong start to the week on Monday. On Friday afternoon after the futures markets closed we saw a cash cattle trade that came in quite a bit better than expected so immediately on Monday morning we saw a stronger trade and that translated into a little bit of follow through buying on Tuesday, but again, we did trade both sides of unchanged. I think that weather is an issue. We've had some severe winter weather across a lot of the western part of the country and that's something that could potentially stop or eliminate some cattle from the market this week. So, that's something that could firm the cash market short-term, but long-term probably doesn't change a whole lot."
Chicago March Wheat prices closed yesterday dn 4 ¼ at 421 ¾
March corn was dn ¾ at 351 ½
Portland prices for soft white wheat of Ordinary Protein for January ended the day dn 4 ¼ ranging from 5-17 ½ to 5-32 Hard Red Winter wheat with 11 ½ % protein, prices for January were dn 5 ¼ ranging from 5-73 ¼ to 5-88 ¼ DNS wheat with 14 % protein, prices for January were dn 2 ½ ranging from 7-19 ½ to 7-39 ½
Live Cattle for February were up $1.17 ½ at 124.90 January Feeder cattle are up $.72 ½ to 148.75 January Class III milk was unch cents at 13.89
