Marketline Report for Tuesday, March 19th
McGATHEY ... "Live cattle today was a little bit mixed. Those weather issues are really underpinning some of the prices. There is some trouble with logistics, with flooding and that's keeping the market higher. I know it bumped up against some of the big resistance numbers and came back, but that's still keeping the market very, very strong. It looks like next stop could be $130 for that front month and it's holding very well. The futures did slip a little bit and the front month of the deferreds were higher. That tells me that there is some sentiment, that the market is still on the march here. We're very close to getting into spring, maybe grilling season may begin. This is a little bit early to say it, but it's very possible that this markets going to keep churning. No one wants to get in front of this well-oiled machine. This rally just keeps on going."
Chicago May Wheat prices closed yesterday dn 5 ½ at 457 ¼
May Corn was dn 1 ¾ at 371 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 6 ½ ranging from 6-11 ½ to 6-26 ½ DNS wheat with 14 % protein, prices for Mar were up 6 ranging from 6-70 ¾ to 6-85 ¾
Live Cattle for Apr were dn $.77 ½ at 128.42 ½ Mar Feeder cattle are up $.32 ½ to 141.65 Mar Class III milk was dn .02 cents at 14.92