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Bob Larson Marketline Report for Tuesday, December 12th
by Bob Larson, click here for bio

Program: Market Line
Date: December 12, 2017

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This is Bob Larson with the Market Line Report for Tuesday, December 12th. Grain prices continue to drop, wheat, like the end of an old western, in particular. From the floor of the CME in Chicago, here’s Virginia McGathey …

Virginia McGathey ... “Wheat is just sinking into the sunset right now. It’s very, very difficult. The fundamentals are just showing long-term bearish terms. Overall, the global wheat supplies are just plentiful. For the old crop and the new crop for the U.S., export shipments are at least 10% behind from last year. It’s going to be really, really tough to get anything rolling with our competition against Russia and the European Union. Canada just came out with a bumper wheat crop as well. That makes it really difficult for us to be competitive around the world and that’s absolutely putting pressure on the market. I don’t really see the market rallying any time soon.”

Chicago Dec Wheat prices closed yesterday dn 4 ¼ at 387 ¼

December corn was dn 3 ½ at 336 ½

Portland prices for soft white wheat of Ordinary Protein for December ended the day up 1 ranging from 5-07 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 10 ¼ ranging from 5-57 ¾ to 5-72 ¾ DNS wheat with 14 % protein, prices for December were dn 2 ½ ranging from 7-28 ¾ to 7-33 ¾

Live Cattle for December were dn $.40 at 115.17 ½ January Feeder cattle are up $.22 ½ to 145.27 ½ December Class III milk was up .03 cents at 15.63

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