Marketline Report for Thursday, March 1st
This is Bob Larson with the Market Line Report for Thursday, March 1st. Wheat continues its upward trend in the grain market. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGATHEY ... "The big story today is really the wheat. The wheat is just absolutely surging. It seems that the crop concerns in the U.S. is really driving this market. We've got a seven-month high today and the market still looks really good. It looks like there's still time to recover in the crop area. If we do get some rain, we definitely could recover and things could go well, but as time goes on it gets closer and closer and it's got everyone a little bit nervous. As the funds start covering their shorts they get a little bit of a boost. And, what's interesting that happened today is commercials started to buy some of the Kansas City wheat. That tells me that they've got some real concerns here and we could be off to a live weather market and this could be a big bullish sign for the wheat complex across the board."
Chicago March Wheat prices closed yesterday up 21 ¼ at 482 ¾
March corn was up 4 at 374
Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-40 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for February were up 18 ¼ ranging from 6-67 ¼ to 6-78 ¼ DNS wheat with 14 % protein, prices for February were up 11 ½ ranging from 7-36 to 7-41
Live Cattle for February were dn $.52 ½ at 127.50 March Feeder cattle are dn $1.80 to 144.65 March Class III milk was dn $.03 cents at 14.05
