April Hedging

This is Matt Rice with the Market Line Report for Feb 19th. Big day for hedging in April, cattle on the rise as producer's crunch numbers today and tomorrow. Oliver Sloup with II Trader goes over the details from the floor of the CME in Chicago.

Horwitz "Today's close, tomorrows close is going to be technically significant in that April live cattle contract. We're looking at a long term trend line resistance, if you pull out a chart you look back June $1.55, draw it to where we are at today, there is a perfect resistance line we have tested it about 6 or 7 times since June and it failed to break out above that. I'm guessing that you're going to see some sellers step in if we're not able to get a close above that to round out the week."

Chicago March Wheat ended the day dn 6 ¼, at 461 ¾. March corn ended the day dn 1 ¾ at 365 ¾. Portland prices for soft white wheat of 10 ½ % protein for March were uch to dn 6 ¼, ranging from 5-90 to 6-02 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for Feb had a mixed market, dn ¾ and up 4 ¼ ranging from 5-43 ¼ to 5-58 ¼. DNS wheat with 14 % protein, prices for Feb were dn 1 ¼, ranging from 6-02 ½ to 6-22 ½. Feb Live Cattle closed the day up $1.05, at 135.07 ½. March Feeder cattle were up 47 ½ cents, at 156.70. Feb class III milk was up 1 penny, at 13-82.