Rough Session in The Grain Market

This is Tom Allen with the Market Line Report for Feb 5th. Oliver Sloup is here from the floor of the CME and talks of a rough session in the grain market.

Sloup- " 3-73 to 3-76 we have been talking about for a long long time now. The 100 and 200 day moving average is well as previous support going back over the past couple months. That's going to be a key technical level going forward. The bulls are really going to want to see a conviction close above that resistance level." Chicago March Wheat ended the day dn 7 ¼, at 473 ½. March corn ended yesterday dn 1 ½, at 368 ¾. Portland prices for soft white wheat of ordinary protein for Feb were mixed dn 7 ¼ & up 9, ranging from 5-32 to 5-37 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for Feb dn 8 ¾, ranging from 5-54 ¾ to 5-59 ¾. DNS wheat with 14 % protein, prices for Feb were dn 6, ranging from 5-99 ½ to 6-24 ½.April Live Cattle closed the day dn 40 cents, at 135.35. March Feeder cattle were dn $1.77 1/2, at 156.17 ½. Feb class III milk was up 3 cents, at 13-93.