Grains Mixed, Cattle Easier to Start the Week
Grain markets stable as we await the finalization of phase one of the China trade deal. Cattle markets showing signs of weakness says Virginia McGathey.
McGathey…”Cattle was a little bit easier. It's just staying inside that Friday range that increased beef supplies are offset by the short term tight supplies. The futures are right now consolidating, all be it at the high prices that we were at. Feeders did fall somewhat. Beef values are unable right now to keep up with the cash market. The big question is, is this the canary in the coal mine telling us that perhaps this is the top of the market or that we're due for a correction? We know that we're long overdue for that.”
Now for your closing markets:
Chicago March Wheat futures started the week by closing down $0.02 ¼ to $5.62 ¼.
Kansas City Hard Red Winter Wheat down $0.02 as well to $4.92 ½.
March Corn up $0.03 ½ to $3.89 ½.
Portland prices for soft white wheat of ordinary protein ended the day up just a couple cents. Bids range from $6.10 to $6.22.
Club Wheat of Ordinary Protein also up a couple ranging from $6.22 to $7.87.
Dark Northern Spring wheat down $0.03 ranging from $6.90 ¼ to $7.15 ¼ for 14% protein.
Live Cattle futures were down $0.87 ½ to $126.55 on the February board. March Feeder Cattle down $1.57 ½ to $146.02 ½.
Class III milk for Feburary was down another $0.08 to $16.90.