Marketline Report for Friday, January 5th
This is Bob Larson with the Market Line Report for Friday, January 5th. Wheat prices reacting as they should to the weather. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Joe Vaclavik ... "We kind of shrugged off a bad start. Came back to close unchanged as the Spring Wheat Contracts actually finished the day sharply higher and helped to pull up some of those Winter Wheat Contracts. We've got some developing drought and some full-blown drought in some U.S. wheat-growing areas. If you look at the western half of North Dakota, the western half of South Dakota, very, very bad drought in place right now. We've got developing drought in the southern plains. It's been very, very dry and very, very cold in a lot of Hard Red Winter Wheat country. So, the market may be building in just a little bit of weather premium here. The funds who have been heavily short, managed money has been heavily short, may be exiting or heading for the exits because of some of these adverse weather conditions."
Chicago March Wheat prices closed yesterday dn 2 at 433 ½
March corn was dn 2 at 351
Portland prices for soft white wheat of Ordinary Protein for January ended the day unch ranging from 5-25 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for January were dn 1 ¼ ranging from 5-84 ¾ to 5-99 ¾ DNS wheat with 14 % protein, prices for January were up 8 ranging from 7-42 ¾ to 7-62 ¾
Live Cattle for February were dn $.70 at 122.10 January Feeder cattle are dn $.35 to 148.70 January Class III milk was up .03 cents at 14.04
