Marketline Report for Wednesday, April 11th
This is Bob Larson with the Market Line Report for Wednesday, April 11th. The cattle market shows some stability in Tuesday trading. From the floor of the CME in Chicago, here's Joe Vaclavik.
VACLAVIK ... "The live cattle market traded both sides of unchanged here on Tuesday in a pretty indecisive trade really. We've just been back and forth, not a whole lot of action. We did have a reversal last Wednesday. We went down and posted some fresh lows, came back and finished the day higher, but not a whole lot of excitement then. I mean we've seen wide, daily trading ranges, but haven't really gone anywhere. The wide basis between futures and cash continues. Cash cattle traded, most recently, at $119, $119 ½ last week. We've got an April futures board down around $113. We're getting close to the point of the delivery period here so we're going to have to see some convergence and that's something we'll see one way or the other here during the coming weeks."
Chicago May Wheat prices closed yesterday up 1 ¼ at 490 ¼
May Corn was dn 1 ½ at 389 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 5-94 Hard Red Winter wheat with 11 ½ % protein, prices for April were up 9 ranging from 6-66 ¾ to 6-81 ¾ DNS wheat with 14 % protein, prices for April were up 20 ranging from 7-61 ½ to 7-71 ½
Live Cattle for April were up $.77 ½ at 113.42 ½ April Feeder cattle are up $.37 ½ to 134.97 ½ April Class III milk was dn $.03 cents at 14.43
