Cattle On The Gain

This is Matt Rice with the Market Line Report for Feb 25th. Cattle on the gain again after yesterday's market came to a close, more resistance could be in the near future. Todd Horwitz goes over the details from the floor of the CME in Chicago.

Horwitz "Wednesdays livestock, higher prices again surprise, surprise. We've got some key levels to watch for here. I think we look at live cattle at $1.38, I think that will be the top end of this move but I don't see a deep saw. I think we want to look for pullback to get back involved and be a buyer. I think probably $1.31- $1.32 is very much in the cards, but lets see how the action trades at $1.38 and then will look for a bit of a pullback. Feeders look to be at $1.60, we're inching ever so closely here at $1.59. So lets see what happens at $1.60, I do believe you'll see again a pullback here."

Chicago March Wheat ended the day dn 5 ¼, at 442 ½. March corn ended the day dn 2 ¼, at 359 ½. Portland prices for soft white wheat of 10 ½ % protein for Feb were unch, ranging from 5-87 to 5-90. Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 3 ½, ranging from 5-32 ¾ to 5-42 ¾. DNS wheat with 14 % protein, prices for Feb were dn ½, ranging from 5-95 ¼ to 6-05 ¼. Feb Live Cattle closed the day dn 15 cents, at 136.80. March Feeder cattle were up 82 ½ cents, at 157.85. Feb class III milk was up a penny, at 13-82.