Marketline Report for Friday, March 15th
ROGGENSACK ... "A shift in focus to the tight supply to a rising beef production into the second quarter might make a major top type action likely here over the near-term. First factor is that short-term weather very poor for cattle. A drop in production from the fourth quarter to the first quarter looks to be the third largest drop on record and that's been the main reason for the very strong gains we've seen in the cattle market in the first quarter. From the first quarter to the second quarter beef production is expected to increase, likely the largest increase from quarter to quarter we've seen in 12 years."
Chicago March Wheat prices closed yesterday up 8 at 441 ½
March Corn was up 4 ¼ at 362 ¾
Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were dn ¼ ranging from 6-11 ½ to 6-26 ½ DNS wheat with 14 % protein, prices for Mar were up 2 ranging from 6-62 ½ to 6-77 ½
Live Cattle for Apr were up $.72 ½ at 127.47 ½ Mar Feeder cattle are dn $.45 to 141.00 Mar Class III milk was up .02 cents at 14.94