Grains Looking For Rally

This is Matt Rice with the Market Line Report for March 9th. Grains saw a mixed market after yesterdays' close, prices holding while we are still looking for more demand to spark a rally. Todd Horwitz covers more from the floor of the CME in Chicago.

Horwitz "Tuesdays grain trade, pretty much mixed action back and forth ahead of the all important progress report tomorrow. Really, I'm not really even thinking about it to be honest with you. I think we continue in this same ugly pattern, of the market trying to work lower. There is a lot of pressure on the short side, but at some point the bulls are kind of holding up here. I think that's a continuation, Mondays close was really an ugly close based on where we were, it looked like late last week we were start to seeing a little short covering action. Then even today it looked like we were going to get some action, and then again we had a weak close."

Chicago March Wheat ended the week up 3 ½, at 461 ¼. March corn ended the day up 3 ¾, at 358 ½. Portland prices for soft white wheat of 10 ½ % protein for March were unch, ranging from 5-38 to 5-50. Hard Red Winter wheat with 11 ½ % protein, prices for March were up ¼, ranging from 5-55 to 5-60. DNS wheat with 14 % protein, prices for March were up 3, ranging from 6-08 ¾ to 6-18 ¾. April Live Cattle closed yesterday up $1.17 ½, at 137.20. March Feeder cattle were up $ 1.02 ½, at 158.90. March class III milk was unch, at 13-87.