Marketline Report for Thursday, January 31st
This is Bob Larson with the Market Line Report for Thursday, Jan 31st. Wheat market was mixed in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was mixed today too. The storage rate had dropped like .03 cents per month. Now that's the estimate and that gave the market a little bit of a lift. It was trying to push through after five days on the downside. So, the market did get up and it rallied pretty strong into the close. So, the expectation is that finally data will and is going to help, but there's so much uncertainty and it really has stalled all the markets pretty much so these two and three cent moves aren't normally what we have at this time. And, you have to just think about it, that we're only about eight weeks away from our projections for our acreage so that's going to be something that's going to come up very quickly."
Chicago March Wheat prices closed yesterday up 3 ½ at 517 ¾
March Corn was up 4 at 381 ¼
Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-35 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were up 2 ranging from 6-52 ¼ to 6-62 ¼ DNS wheat with 14 % protein, prices for Jan were up 3 ¼ ranging from 6-56 ½ to 6-76 ½
Live Cattle for Feb were dn $.32 ½ at 126.27 ½ Jan Feeder cattle are dn $.27 ½ to 142.45 Feb Class III milk was unch cents at 14.05
