Marketline Report for Tuesday, April 2nd
This is Bob Larson with the Market Line Report for Tuesday, Apr 2nd. Strong demand pushes the cattle market higher in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, the cattle was higher. An uptick in seasonal demand is expected and that really pushes the market even higher again. It's so interesting that this rally just continues to move higher. There's not much cash trade today and we've seen that almost every Monday for the past number of months actually, but the warm up is coming and strong demand as well should be pushing the market up and there's potential for like long-term demand. That really is helping the markets a lot. It's also helping the feeders. Feeders were up too. Optimism driving these futures higher just by what I said, all things are positive. I think like, a lot of the technical numbers also are offering some support to these markets because the trend is really to upside."
Chicago May Wheat prices closed yesterday up 5 at 462 ¾
May Corn was up 4 ¼ at 362
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 4 ½ ranging from 6-04 ½ to 6-44 ½ DNS wheat with 14 % protein, prices for Apr were dn 1 ¾ ranging from 6-58 to 6.93
Live Cattle for Apr were up $.47 ½ at 126.22 ½ Apr Feeder cattle are up $.20 to 145.57 ½ Apr Class III milk was up .06 cents at 15.67
