Marketline Report for Monday, January 8th
This is Bob Larson with the Market Line Report for Monday, January 8th. Wheat is down following a favorable forecast in coming days. From the floor of the CME in Chicago, here's Virginia McGathey ...
Virginia McGathey ... "The warm up ahead really cooled that rally. The profit taking really jumped in on this first week of 2018 and traders were really locking in those profits as the wheat made it to a three-week high. Now we know that the frigid temperatures are still here, but the forecast is that it's going to be warming up down the road. And, we also know that because of the nature of what a frigid weather will do the winter wheat it really isn't going to tell us what kind of damage to the crop would be for a few months now. So, with that in mind, it makes it a little bit difficult to keep the market rallying."
Chicago March Wheat prices closed yesterday dn 3 ¼ at 431
March corn was up ¼ at 351 ¼
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 2 ¼ ranging from 5-82 ½ to 5-97 ½ DNS wheat with 14 % protein, prices for January were dn 1 ranging from 7-41 ¾ to 7-61 ¾
Live Cattle for February were dn $3.00 at 119.25 January Feeder cattle are dn $2.40 to 146.45 January Class III milk was dn .10 cents at 13.95
