A Weak & Sloppy Session

A Weak & Sloppy Session. I'm Greg Martin and this is Market Line Report for Friday, Jan. 29th.

It was a very active market on Thursday with corn failed to break out of the 100 day moving average. Oliver Sloup explains from the floor of the CME.

SLOUP: A lot of key technical resistance from from 372 to 376. Not only do we have that 100 day moving average there but it's also the 50% retracement from the October highs to the January lows, the key number we weren't able to get out above which kind of put producers on their heels and really taking advantage of the rally we did have.

Now checking some prices:

Chicago March Wheat ended off 4 1/4 at 472 1/4.

March corn was down 3 and 3/4, at 365 1/2.

Feb Portland prices for soft white wheat, ordinary protein were unchanged to down 4.25.

Hard Red Winter wheat with 11 ½ % protein, prices for Feb. down 2.75.

DNS wheat with 14 % protein, prices for Feb. were dn 1.25, ranging from 6-05 1/4 to 6-25 1/4. Feb. Live cattle closed the day dn 3 tenths, at 135.42 1/2.

March Feeder cattle closed down a half, at 159.42 ½.

Feb. class III milk was down 8 cents at 13-74.