Marketline Report for Monday, March 5th.
This is Bob Larson with the Market Line Report for Monday, March 5th. Cattle end the week on the market with a thud. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGATHEY ... "It seems that futures just slowly were carving out another new low. We haven't seen these prices since late January, just a couple of months ago, but it's beef processors and the ranchers are really ending the week with a fizzle. It seemed like the market tried to rally a little bit, but just couldn't get anything going. It seemed that more cattle was looking to trade at the price of like $126, at that level, and it just kind of brought it down. And, right now the cattle is even selling off a little bit more. The feeders were also falling and they're falling a little bit more than the live market was, telling us that optimism is fading and it seems that the meat packers are reducing their cattle purchases and kind of pulling back. They don't really need to bid right now."
Chicago March Wheat prices closed yesterday dn 13 ½ at 491 ¼
March corn was dn 1 ½ at 376 ½
Portland prices for soft white wheat of Ordinary Protein for March ended the day unch ranging from 5-40 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 10 ranging from 6-69 to 6-92 DNS wheat with 14 % protein, prices for March were dn 14 ½ ranging from 7-35 ½ to 7-41 ½
Live Cattle for April were dn $1.15 at 122.17 ½ March Feeder cattle are dn $1.37 ½ to 143.57 ½ March Class III milk was up $.04 cents at 14.08
