Most Markets Negative after Volatile Week

Most Markets Negative after Volatile Week

Tim Hammerich
Tim Hammerich
News Reporter
Tim Hammerich with you Market Line Report for Monday, February 3rd.

Volatile day on Friday to end a volatile week in the markets. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGathey…”Cattle recovered somewhat, I think some of the month end short covering really helped the market and supported a little bit. I think that the downturn was oversold and a bearish tone was a little bit exhausted, but emotions are definitely ruling this market right now and kind of overtaking some of the fundamentals. Feeder cattle was a little bit higher as well. Those tight supplies did underpin the market support, so it was helping a lot. With China coming to a halt and the cattle inventory report coming out, I think that there is some longterm support down the road and the market can really start to come back.”

Chicago March Wheat futures closed down $0.06 ½ on Friday to $5.53 ½.

Kansas City Hard Red Winter Wheat down $0.05 ½ to $4.65 ½.

March Corn back up a penny and a half to $3.81 ¼.

Portland prices for soft white wheat of ordinary protein unchanged to end the week. $6.20 to $6.30.

Club Wheat of Ordinary Protein also unchanged. $6.20 to $8.05.

Dark Northern Spring wheat prices down $0.02 ¾ ranging from $6.68 ¾ to $7.03 ¾ for 14% protein.

Live Cattle futures were down. $0.52 ½ on the April board to $119.67 ½. March Feeder Cattle were up $0.42 ½ to $136.07 ½.

Class III milk was down $0.20 on Friday to $17.14.

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