3-3 Market Line
A non farm payroll eve
This is David Sparks with the Market Line Report for Friday, February 3. A non farm payroll eve held the markets relatively flat. Here's Scott Shellady on the CME group floor. " The markets across the board, if they did a move today it was probably like short covering and the like and I think that's what we had happened today in cattle. It looks like we have found support in cattle. The bearish news has been digested through and as happens a lot of times, late sellers to a big selloff like we have seen them at market over the last few days gets spooked out of the bottom. There's a lot of short squeeze and they cannibalize themselves on the way out. That was a lot of what I saw happening in there today, especially with the fronts outperforming the backs, so that to me was another tell. So when you see things like a bounce on not a ton of fundamental news out there, we have seen the negative news get through the market. The dollar has been very quiet and that's because it's waiting for tomorrow's confirm payroll number. It doesn't mean that nonfarm payrolls are going to have a lot of effects on cotton or cattle."
Elsewhere, Chicago May Wheat prices closed yesterday up 1 at 447. May corn ended the day dn 1/2, at 374.
Portland prices for soft white wheat of Ordinary Protein for March ended the day up 3/4 ranging from 4.64 to 4.74 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 3, ranging from 5.33 1/2 to 5.48 1/2. DNS wheat with 14 % protein, prices for March were up 4 1/4 to 5 1/4 ranging from 6.76 ¾ to 6.94.
Live Cattle for April were up $1.77 ½, at 115 1/2. March Feeder cattle were up $1.67 1/2 just shy of 124. Mar. class III milk was up 25 cents at 17.40.
