Marketline Report for Thursday, January 3rd

Marketline Report for Thursday, January 3rd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Thursday, Jan 3rd. Grains are higher as wheat buyers show up. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat was rising today. The oversold conditions really attracted some buyers. There's been some short-covering and that wet weather in Argentina also gave the market a little bit of a lift. We're trying to recover from the deep losses that wheat has experienced in the last two weeks of the market, but it just seems like the sellers just really pounded futures in an area where we can actually be competitive. We were up over $5.10 on that March contract, but we settled a little bit lower but still higher on the day. Also, that increase in Russia exports is definitely going to weigh on futures. Now, today was just a little bit of a rebound, but we've got to be very careful. We need something more to get that market moving or to get a little bit more momentum to have two up days in a row."

Chicago March Wheat prices closed yesterday up 3 ½ at 508 ¼

March Corn was up ¾ at 375 ¾

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-15 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were up 3 ¾ ranging from 6-42 ½ to 6-52 ½ DNS wheat with 14 % protein, prices for Jan were up 5 ranging from 6-49 to 6-59

Live Cattle for Feb were up $.35 at 123.67 ½ Jan Feeder cattle are dn $.90 to 147.92 ½ Jan Class III milk was up .03 cents at 14.34

Previous ReportMarketline Report for Wednesday, January 2nd
Next ReportMarketline Report for Friday, January 4th