Marketline Report for Tuesday, February 6th
This is Bob Larson with the Market Line Report for Tuesday, February 6th. Cattle trading steady, but a little bearish on Monday. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGATHEY ... "It seems that beef prices were expected to slide somewhat over the next few weeks and that's kind of happening right now. However, there has been an increase in the long positions by some commercial traders and so, that could definitely counter the market and that's why it's keeping the market relatively buoyant. However, there was a big sell off in the stock market today and that really put a bearish sentiment across all markets and we saw a little bit of the pressure on the live cattle market. The feeders were really steady today. It seems that the traders are watching that increased supply even though it was holding just a little bit under unchanged from Friday, but with that stock market sell off there has been some pressure."
Chicago March Wheat prices closed yesterday dn 6 ½ at 442
March corn was dn 2 ¾ at 358 ¾
Portland prices for soft white wheat of Ordinary Protein for January ended the day dn 2 ¾ ranging from 5-27 ¼ to 5-44 Hard Red Winter wheat with 11 ½ % protein, prices for January were dn 1 ½ ranging from 6-06 ¾ to 6-26 ¾ DNS wheat with 14 % protein, prices for January were dn 2 ranging from 7-16 ¾ to 7-31 ¾
Live Cattle for February were dn $.72 ½ at 126.00 March Feeder cattle are dn $1.25 to 149.60 February Class III milk was up .07 cents at 13.70
