Overbought Territory?

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Wednesday. The rally continues in the beef market as prices hit 5 month highs. Let’s go to Oliver Sloup with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day Up 4 ¾, to finish at 5-95. March Corn was Dn 4, to finish the day at 4-38 ¾. Kansas City Hard Red Winter Wheat prices for March were Up 4 ½, to settle at 6-18 ½.

Portland prices for Club Wheat with 10 ½ % Protein was Unch, ranging from 6-60 to 7-00. Soft white wheat with 10 ½ % Protein prices for April were Unch, ranging 6-45 to 6-65. Hard Red Winter Wheat with 11 ½ percent Protein prices for April were Up 3, ranging from 6-75 ¾ to 6-85 ¾. DNS wheat with 14 % protein, prices for April were Up ¾, ranging from 7-69 ¼ to 7-84 ¼.

Live Cattle for April were Up $3.72 ½, closing at 186.07 ½. March Feeder Cattle were Up $3.92 ½, to finish the day at 246.67 ½. March Class III milk was Dn $.32, to settle at 17.45.