Marketline Report for Wednesday, February 28th
This is Bob Larson with the Market Line Report for Wednesday, February 28th. Troubling news in the grain market pushes prices up. From the floor of the CME in Chicago, here's Joe Vaclavik ...
VACLAVIK ... "We had some crop ratings out from USDA on Monday afternoon and the ratings told us that we've got a big-time problem in the southern plains. Kansas and Oklahoma, in particular, with some of the worst crop ratings in recent memory, I believe record lows in some instances. So, the crop is being affected by a drought that's been going on for several months now at this point. We've seen some relief to that drought in eastern portions of say Kansas, Okalhoma, eastern Texas, but central Kansas, western Kansas remain very, very dry. We've also got a building drought in the northern plains, very, very dry and not a whole lot of relief in sight for really either area. So, for the moment here, we've got weak ratings and a drought that is really building more than anything. So, we've got crop problems and kind of a crop scare on our hands here."
Chicago March Wheat prices closed yesterday up 3 ¾ at 464 ½
March corn was up 2 at 370 ½
Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-40 to 5-67 Hard Red Winter wheat with 11 ½ % protein, prices for February were up 11 ¼ ranging from 6-49 to 6-59 DNS wheat with 14 % protein, prices for February were dn ½ ranging from 7-24 ½ to 7-26 ½
Live Cattle for February were up $.62 ½ at 128.50 March Feeder cattle are up $1.00 to 146.35 February Class III milk was unch cents at 13.44
