Quiet Day In Grains

This is Matt Rice with the Market Line Report for Feb 22nd. Grains are blending in with the crowd after last weeks market came to a close. Markets have been rallying, but now we are seeing these commodities level out with some bearish trends predicted in the near future. Phil Streible with RJO Futures goes over the details from the floor of the CME in Chicago.

Streible "Looking at the agricultural markets today, it was kind of a muted somewhat of a boring session here. We saw the soy bean market, it seems like it has peaked in my opinion. The technical action we've ran up quite a bit, trends have been trending weaker. I believe it's just running out of steam here. 8.84 looks like the key level of resistance."

Chicago March Wheat ended the day dn ½, at 461 ¼. March corn ended the day unch, at 366 ½. Portland prices for soft white wheat of 10 ½ % protein for March were uch to dn ½, ranging from 5-87 to 6-01 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for Feb had a mixed market, dn 1 ¼ and up 3 ¾ ranging from 5-47 to 5-57. DNS wheat with 14 % protein, prices for Feb were up ¾, ranging from 6-03 ¼ to 6-23 ¼. Feb Live Cattle closed the day up 60 cents, at 135.75. March Feeder cattle were dn 47 ½ cents, at 156.00. Feb class III milk was dn 2 cents at 13-82.