Traders Search For Insight

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Tuesday. Oversold conditions in the Beef Market spark a rally, as traders look for more clues on market direction. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day Dn 22 ¼, to finish at 6-09 ½. March Corn was Dn 4, to finish the day at 4-81 ½. Kansas City Hard Red Winter Wheat prices for March were Dn 28 ¾, to settle at 6-32 ¼.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 6-95 to 7-40. Soft white wheat with 10 ½ % Protein prices for Feb. were Dn 15 to Unch, ranging 6-75 to 7-20. Hard Red Winter Wheat with 11 ½ percent Protein prices for Feb. were Dn 28 ¾ - 18 ¾, ranging from 6-87 ¼ to 7-02 ¼. DNS wheat with 14 % protein, prices for Feb. were Dn 17 ¾ to 7 ¾, ranging from 7-91 ¾ to 8-06 ¾.

Live Cattle for Feb. were Up $2.17 ½, closing at 167.90. Jan. Feeder Cattle were Up $2.65, to finish the day at 217.95. Jan. Class III milk was Up $.12, to settle at 16.46.