Monday Quiet in the Grains and Down Day in Live and Feeder Cattle

Monday Quiet in the Grains and Down Day in Live and Feeder Cattle

I’m KayDee Gilkey with the Market Line Report for February 23, 2015.
All grains closed lower on Monday, with corn leading the way. Corn closed lower on favorable growing conditions in South America, higher US dollar and lower crude oil. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.
Wagner “We’ve got some sloppy trade in the livestock in particular focused in the live contracts and feeder cattle contracts. I think the price action today is not so much regarding that Cattle on Feed Report - which some people are going to determine, ‘Okay it’s bearish. It’s neutral.’ What we are really looking at is the build up in beef stocks. Right now January cold storage was up about 70 million pounds.”
Chicago May Wheat ended Monday down 3 cents at 5-04. May corn ended the day down 6 and 1/4 cents at 3-86 and 3/4.
Portland March prices for soft white wheat of ordinary protein were mixed down 3 and 1/2 cents to up a nickel ranging between 6-43 and 3/4 and 6-70. White club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 2 cents at mostly 6-29 and 1/4. DNS wheat with 14 percent protein prices were up a penny at mostly 8-57 and 3/4.
April live cattle were down $1.42 and half on Monday at 147-10. April Feeder cattle were down $1.30 at 197-05. April class III milk was down 20 cents at 15-12.

 

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