Marketline Report for Thursday, March 21st
ROGGENSACK ... "A shift from a tight supply that we've had for the first quarter here into the second quarter looks like we're going to see plenty of extra cattle around in the second quarter. Beef production should also improve significantly. Once the short-term tightness is priced into the market we're likely to see a short-term peak as that supply flow increases as we get our way into April, May and June. Flooding river systems struggling to keep up with the snow melt is just adding to the significant problems we're seeing, especially in the Nebraska and the Dakotas. The Cattle On Feed Report will out Friday. That's going to give traders some indication."
Chicago May Wheat prices closed yesterday up 8 ¼ at 464 ½
May Corn was up ¼ at 371 ¼
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 up 8 ¼ ranging from 6-19 to 6-34 DNS wheat with 14 % protein, prices for Mar were up 6 ¼ ranging from 6-81 ½ to 6-96 ½
Live Cattle for Apr were up $.45 at 129.72 ½ Mar Feeder cattle are up $.05 to 142.30 Mar Class III milk was up .08 cents at 15.01