Market Line Report for Friday, January 10th
Markets very tentative with the looming USDA Report coming tomorrow. Scott Shellady reports from the floor of the CME in Chicago that tensions are high on the trade floor.
Shellady…”Whatever the numbers we get tomorrow are going to be the numbers that we have to trade, and that's the important part, and that's the psychological part. So whatever comes tomorrow, although the tension today is pretty thick. You could cut it with a knife. This time tomorrow, we'll know and then that'll give us a good idea going forward. We're going to put a bowl around 2019 tomorrow and that'll put it away. That's going to give us the last thing that we need to know and that is why the tension is so tight. Because are they going to try to correct things and a lot of investors thought were wrong? Are they going to stay on the same track?”
For your closing markets,
Despite the uncertainty with the report Chicago March Wheat futures up $0.09 ½ to $5.62 ¼.
Kansas City Hard Red Winter Wheat also up sharply. That market rallied $0.10 ¼ to $4.90 ¼.
March Corn closed down a penny to $3.83 ¼.
Portland prices for soft white wheat of ordinary protein up slightly ranging from $6.10 to $6.20.
Club Wheat of Ordinary Protein also firmer. Bids range from $6.20 to $7.87.
Dark Northern Spring wheat prices up $0.04 ¼ yesterday ranging from $6.87 to $7.12 for 14% protein.
Live Cattle futures were up $0.37 ½ to $126.72 ½ on the February board. March Feeder Cattle were up $0.02 ½ to $146.55.
February Class III milk was down $0.11 yesterday to $16.98.