Grains Rally

This is Matt Rice with the Market Line Report for March 4th. We had a nice rally in the grains yesterday, some wheat trading up as high as $10. However, on the technical side of things we are still looking for more demand as we move forward in this bearish market. Oliver Sloup explains his thoughts from the floor of the CME, in Chicago with II Trader.

Sloup "I'm Oliver Sloup with II Trader and your grain market update. Seeing some green across the board, which is nice to see. I think there should be a tone of caution following this little uptake we've got here today. A lot of the buying we've seen over the last couple of sessions, is really coming in on short covering. Not a lot of demand coming into the market for corn, soy beans, or wheat, I think this is just short covering."

Chicago March Wheat ended the day up 10 ½, at 453. March corn ended the day dn ¾, at 354. Portland prices for soft white wheat of 10 ½ % protein for March were unch to up 4 ½, ranging from 5-43 to 5-49 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 11, ranging from 5-46 to 5-51. DNS wheat with 14 % protein, prices for March were up 9 ½, ranging from 5-98 to 6-13. April Live Cattle closed the day dn 85 cents, at 135.62 ½. March Feeder cattle were dn 70 cents, at 157.52 ½. March class III milk was up 13 cents, at 13-76.