Marketline Report for Wednesday, February 6th
This is Bob Larson with the Market Line Report for Wednesday, Feb 6th. A big purchase from China sends the soybean market higher. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "The market kind of struggled, closing near the lows the last several sessions. What's going on? We think for the first factor, China is in the process of buying up their second round of 5-million tons since December of U.S. soybeans. This did provide some support into last week's highs, but again we've seen the market close well off of the highs the last several sessions. Brazil production might be down seven to ten million tons from the December estimates because of the weather. This is also a factor that seems to have been already factored into the market as we're seeing the market close weakly the last couple of sessions."
Chicago March Wheat prices closed yesterday up 1 ½ at 527 ½
March Corn was up 1 ½ at 380 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 ¾ ranging from 6-66 ¼ to 6-71 ¼ DNS wheat with 14 % protein, prices for Feb were up ¼ ranging from 6-70 to 6-80
Live Cattle for Feb were up $.97 ½ at 126.80 Mar Feeder cattle are dn $.40 to 144.15 Feb Class III milk was up .01 cents at 13.95
