Marketline Report for Thursday, February 8th
This is Bob Larson with the Market Line Report for Thursday, February 8th. Cattle prices continue to be down a bit following last week's surge. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGATHEY ... "Cattle slipped a little bit. The selloff in the equities is definitely affecting the livestock market. It's adding pressure because with economic uncertainty and a little bit of instability in the economy and in the stock market, it really lends itself to a reduction of demand and so some of this nervousness over the last couple of days is starting to affect the market and it really pushed it much lower. Today, it slipped a little bit. It's still hanging on somewhat, but not so much for the feeders. The feeders were weaker by a little over a dollar and what happens is now that we have somewhat of an equilibrium, the idea that we have some large supplies that are pressuring the futures a little bit lower."
Chicago March Wheat prices closed yesterday up 14 ¼ at 461
March corn was up 1 ¾ at 365
Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-30 to 5-47 ½ Hard Red Winter wheat with 11 ½ % protein, prices for February were up 12 ranging from 6-26 to 6-46 DNS wheat with 14 % protein, prices for February were up 4 ranging from 7-27 ¼ to 7-42 ¼
Live Cattle for February were dn $.02 ½ at 125.72 ½ March Feeder cattle are dn $.42 ½ to 148.40 February Class III milk was dn .16 cents at 13.52
