Marketline Report for Tuesday, February 13th
McGATHEY ... "That's why part of wheat is rallying. Now, interesting thing about wheat drought concerns in those plains are really driving that market higher, but there has been a real scramble of this short-covering. After the first runoff and the market started to come back down a lot of funds really started to add to their short position. Now, we knew that if we got to a point that they would start to cover again and really push the market higher and it seems that we have gotten to that point. So, in the hard red wheat that had traders worried that there was going to be some real crop damage although we haven't got to the point of no return yet so maybe something can happen that the hard red wheat would still be okay and we're not really going to know there's going to be an y damage for still quite a while."
Chicago March Wheat prices closed yesterday up 15 at 464
March corn was up 5 at 366 ¾
Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-30 to 5-52 Hard Red Winter wheat with 11 ½ % protein, prices for February were up 12 ranging from 6-22 ½ to 6-42 ½ DNS wheat with 14 % protein, prices for February were up 6 ½ ranging from 7-25 to 7-40
Live Cattle for February were up $.60 at 127.07 ½ March Feeder cattle are up $1.47 ½ to 147.62 ½ February Class III milk was unch cents at 13.47