Marketline Report for Monday, January 29th
This is Bob Larson with the Market Line Report for Monday, January 29th. The grain market continues its climb on Friday. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGATHEY ... "Wheat, on the other hand, is rising still again. There has been short covering. It does continue and it's driving this rally. The futures are up 20 cents over the past three days and also that it's helped by the weak U.S. dollar. However, we do have to watch out because global supplies in wheat are still rather large. Now, also, what's helping with the wheat is this cold snap, this winter weather. So, there a lot of good things happening and it's really keeping the wheat complex, including the Kansas City wheat, really on the uptick and going into this weekend, the market still looks very strong."
Chicago March Wheat prices closed yesterday up 6 ½ at 442 ¼
March corn was up 1 ¼ at 356 ¼
Portland prices for soft white wheat of Ordinary Protein for January ended the day unch ranging from 5-30 to 5-40 Hard Red Winter wheat with 11 ½ % protein, prices for January were up 8 ranging from 5-93 to 6-08 DNS wheat with 14 % protein, prices for January were up 4 ¼ ranging from 7-29 ½ to 7-49 ½
Live Cattle for February were up $2.12 ½ at 124.75 March Feeder cattle are up $2.80 to 146.70 January Class III milk was dn $.01 cents at 13.91
