Marketline Report for Tuesday, March 6th

Marketline Report for Tuesday, March 6th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, March 6th. Cattle bounce back following Friday's market drop. From the floor of the CME in Chicago, here's Virginia McGathey ...

McGATHEY ... "Today, the cattle was on the rise after it really recovered from Friday's sell-off, and we weren't sure how much it was going to recover. All morning, it started to rise just a little bit, but now it seems to have recovered completely and the market is moving a little bit higher. It seems to me that the bottom really is in and the bargain-hunters stepped right up and grabbed some of that market and really offered some support and pushed it higher. We see that even with the feeders. Feeders were up and those bargain-hunters they really got this market rolling. Interestingly enough, it was much slower on the uptake when the market opened, but it seems optimism now has really pushed it higher and now we've recovered everything we lost from Friday and then some."

Chicago March Wheat prices closed yesterday up 10 ¼ at 500

March corn was up 1 at 378

Portland prices for soft white wheat of Ordinary Protein for March ended the day unch ranging from 5-40 to 5-67 ¼ Hard Red Winter wheat with 11 ½ % protein, prices for March were up 11 ½ ranging from 6-80 ½ to 7-15 ½ DNS wheat with 14 % protein, prices for March were up 3 ¾ ranging from 7-39 ¼ to 7-54 ¼

Live Cattle for April were up $1.05 at 123.20 March Feeder cattle are up $1.47 ½ to 144.90 March Class III milk was up $.02 cents at 14.14

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