Marketline Report for Wednesday, February 27th
This is Bob Larson with the Market Line Report for Wednesday, Feb 27th. Winter weather continues to push cattle prices higher Tuesday. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "The weather will just not quit and continues to provide solid support for this market. Cattle-on-feed report on Friday and the USDA cold storage report, both on Friday, carried a positive bullish tilt to the market. The extreme cold, the heavy snow, the blizzard conditions, 50-60 mile-per-hour winds, these are conditions cause cattle to actually lose weight and not only just a slow weight gain and slow performance, but they actually lose weight. It's going to take a long time for these cattle to recover and that's providing a lot of support right up front to the beef market as supplies tighten up for market-ready cattle."
Chicago March Wheat prices closed yesterday dn 6 ½ at 460 ¼
March Corn was dn 4 ¼ at 365 ¾
Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-20 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 6 ranging from 5-94 ¼ to 6-24 ¼ DNS wheat with 14 % protein, prices for Feb were up 2 ranging from 6-55 to 6-75
Live Cattle for Feb were up $1.02 ½ at 129.80 Mar Feeder cattle are up $.95 to 143.47 ½ Feb Class III milk was dn cents at 13.94
