Marketline Report for Thursday, March 28th

Marketline Report for Thursday, March 28th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Thursday, Mar 28th. The Cattle market continues a downward trend in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Today, the cattle market was a little bit lower and it was for the fourth day in a row. Now we did have some new highs and we've been saying that for the past numbers of months, new high again, new high again, and it really has been just a lot of scratching of the head that the market is just moving, but demand just keeps pushing this market higher. Cash markets have really not developed yet this week and yet we've seen how the market has been bouncing around a little bit. It did have some to give. I think that the traders are just are hoping for some consolidation. It's kind of like stopped the slide that it really doesn't push it lower. But, you know we were expecting that there possibly could be a correction here. The market did get carried away a little bit. But there's been some overflow buying that came out of the hog market because that's been really working so high."

Chicago May Wheat prices closed yesterday up ½ at 469 ½

May Corn was dn 3 ½ at 373 ½

Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were up 1 ¼ ranging from 6-14 ½ to 6-54 ½ DNS wheat with 14 % protein, prices for Apr were up ½ ranging from 6-72 ¾ to 7-07 ¾

Live Cattle for Apr were dn $65 at 126.22 ½ Mar Feeder cattle are dn $.62 ½ to 142.07 ½ Mar Class III milk was up .02 cents at 15.06

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