Do Feds Have Magic Up Their Sleeves
I’m Susan Allen with the Market Line Report for January 28th Hum I wonder what Magic the feds have up their sleeves, will they raise rates? Let’s check in with Todd Horwitz of Bubba Trading Group .com from the floor of the CME
Todd Horwitz: “Really actually extremely quiet and again for whatever reason we are all waiting on the fed, whether you are in financials, livestock, grain you waiting to see what the Federal Reserve is going to do and what magic they are going to perform here. Again the biggest issue for us here in the grain fields is whether they are going to raise interest rates and that would actually make the dollar go even higher which would not be good for what we are trying to do, but overall the space looks pretty good”
Chicago March Wheat ended the day down 8 ¼ at 476 3/4. March corn was unchanged at 369.
Portland prices for soft white wheat of ordinary protein for Feb were unchanged down 8 ¼ ranging from 5-30 to 5-41 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for Feb. were down 9 1/4 ranging from 5.52 ½ to -5.67 1/2 . DNS wheat with 14 % protein, prices for Feb. were down 7 ranging from 6.06 ½ -6.26 ½
FEB. Live cattle closed the day up $2. 47 cents, at 135.50. Jan. Feeder cattle were down 25 cents on the day, at 160.85. Jan. class III milk was up 3 cents at 13-72. http://www.aginfo.net/markets.cfm