Market Line Report Monday April 10th

This is Bob Larson with your Market Line Report for Monday, April 10th. A lot of movement in the Cattle market as investors move to lasso some bargains. From the floor of the CME in Chicago, here's Virginia McGathey with details ...

MCGATHEY ..."Sharply higher for the live cattle. Really getting a head of steam going. Right now the futures have been rallying in spite of the fact that the wholesale beef report has been bearish. Traders scratching their head, really surprised that the market is moving the way it is.

Looking over at the feeders market is also strong and following the live cattle. There is overflow buying coming in to support that market. We do know that open interest on live cattle and the feeders both are very, very high. If some of these positions start to liquidate, the market could be in for a big correction."

Chicago May Wheat prices closed yesterday up 0 ¾ at 424 ¾.

May corn ended the day dn 1 ¼, at 359 ¾

Portland prices for soft white wheat of Ordinary Protein for April ended the day up 0 ¾ ranging from 4-44 to 4-80 Hard Red Winter wheat with 11 ½ % protein, prices for April up 1 ¾ , ranging from 5-01 ¾ to 5-11 ¾ . DNS wheat with 14 % protein, prices for April were dn 3 ½ ranging from 6-13 ¼ to 6-53 ¼ .

Live Cattle were up $1.25, at 120.00. March Feeder cattle were up $1.80 at 133.65. Jan. class III milk was dn .06 cents at 15-08.