Marketline Report for Tuesday, March 26th.
This is Bob Larson with the Market Line Report for Tuesday, Mar 26th. The cattle market is down following the USDA's cattle on feed report. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The bearish On Feed Report on Friday just kind of killed that market a little bit although the rally had been very good for a long time and it kind of got carried away a little bit with that hog rally. The cash trade is pretty light today as it normally is on Mondays and with very little interest we're going to be looking for that to kind of materialize as we move later into the week. The feeders fell, not really as much so, but the placements were up like 102%. That's up 6% from last week and, still, the open interest is still very, very large. Wholesale prices were also pretty strong. Seeing the market off seemed a little bit strange, but it looks like we just got overcooked and carried away on Friday."
Chicago May Wheat prices closed yesterday up 3 ½ at 468 ¾
May Corn was up 1 ½ at 379 ¼
Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were up 4 ¼ ranging from 6-24 ¼ to 6-44 ¼ DNS wheat with 14 % protein, prices for Mar were up 6 ranging from 6-88 ¼ to 6-98 ¼
Live Cattle for Apr were dn $2.15 at 127.67 ½ Mar Feeder cattle are dn $.82 ½ to 142.40 Mar Class III milk was up .02 cents at 15.05
