Big Day for Cattle

Big day for cattle. I’m Greg Martin. This is Market Line

Live and feeder cattle futures posted strong gains and finished in the upper end of the range. Futures were supported by corrective short-covering, which was augmented by afternoon strength in the stock market. With a high-range close yesterday, the cattle market is set up for follow through buying today. It remains to be seen how President Obama’s address will affect the markets. Wheat and corn were down and according to Louise Gartner with the Linn Group; a couple of big purchases may be driving that.

GARTNER: This wheat market showing very impressive resilience actually after a disappointing announcement yesterday that Egypt had bought 240-thousand tons of all Russian wheat. The announcement from Russia this morning that they are probably going to export a million tons of wheat to Brazil

On Tuesday Chicago May wheat was up 4 ¾ at 526 1/4

May corn 363 up 2 1/4

Portland soft white wheat closed at 5.60 to 5.69 dn 5-2

Club wheat mostly 7.10

HRW 11.5 % protein mostly $6

DNS 14% protein mostly 7.72

Bids for US 2 barley for February delivery were not fully established as most exporters were not issuing bids for nearby delivery.

April live cattle 85.350 up 1.425

April feeders 92.025 up 2.35

April Class III milk 10.27 down .08

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.