Marketline Report for Tuesday, February 5th
This is Bob Larson with the Market Line Report for Tuesday, Feb 5th. The cattle market gets a boost in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, live cattle was higher. Technical numbers did bring in the buyers so deferred months were leading the way and in spite of that there's a quiet cash trade today and normally that's what's been happening for the last number of months. At the beginning fo the week, there's not much going on. We're really waiting until Thursday and Friday when we really see some cash trade and some numbers to give us some direction. That being said, it looks like the sentiment is leaning to increased demand and that's why the market is recovering. So, it looks like this was just a slight correction on Thursday and we're starting to build on that. The futures are really trying to recover all of their losses and as we can see the feeder market really surged today even much more than the live cattle which was kind of surprise."
Chicago March Wheat prices closed yesterday up 1 ½ at 525 ¼
March Corn was up 1 at 379 ½
Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-35 to 6-58 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were up 1 ¾ ranging from 6-65 ½ to 6-70 ½ DNS wheat with 14 % protein, prices for Feb were dn ¾ ranging from 6-69 ¾ to 6-79 ¾
Live Cattle for Feb were up $.27 ½ at 125.65 Mar Feeder cattle are up $1.70 to 144.27 ½ Feb Class III milk was dn .07 cents at 13.96
