Marketline Report for Tuesday, February 20th
ROGGENSACK ... "The cash market doesn't seem to be keep up with the futures market. The futures market continues to climb. April cattle today trading up above $129 for the futures market. The cash market on Friday, $125 in Kansas and in Texas, and we traded $124 in Nebraska. So, futures, big premium to the cash. Second factor, is that the market, a little bit overdone. Seems to be that the overbought condition of the cattle market bases the commitments to traders report and the weak seasonal period ahead for beef market."
Chicago March Wheat prices closed yesterday dn 14 ½ at 489
March Corn was dn 5 at 370
Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-20 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 15 ¾ ranging from 6-15 ¾ to 6-30 ¾ DNS wheat with 14 % protein, prices for Feb were dn 17 ½ ranging from 6-50 ½ to 6-60 ½
Live Cattle for Feb were up $1.25 at 127.80 Mar Feeder cattle are up $1.15 to 143.72 ½ Feb Class III milk was up .01 cents at 13.98