Marketline Report for Monday, March 18th
McGATHEY ... "So, the cattle was higher. There's been overflow buying there. The winter storms are also wreaking havoc on an already stressed market in the herds and there could be some long-term effects here. So, maybe there's another surge coming for the beef. I mean, who would think that, that we're going to be testing the new highs and start to push through. Our first and second resistance numbers are going to be $128 and even $130, so hang on to your hat because this thing could really get rolling. With the feeders rally even further that tells me the sentiment is really to the upside here. Traders are just kind of shrugging off any kind of negative news because there has been, like some of the beef and cutoff prices were a little bit lower, but who cares, the market is still rallying so the spill over buying really pushed the prices higher."
Chicago May Wheat prices closed yesterday up 9 ½ at 460 ¼
May Corn was up 3 at 373
Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were up 6 ½ ranging from 6-18 to 6-33 DNS wheat with 14 % protein, prices for Mar were up 2 ¼ ranging from 6-64 ¾ to 6-79 ¾
Live Cattle for Apr were up $1.70 at 129.12 ½ Mar Feeder cattle are up $.22 ½ to 141.30 Mar Class III milk was dn .01 cents at 14.94