Marketline Report for Thursday, December 28th
This is Bob Larson with the Market Line Report for Thursday, December 28th. Weather plays a role in Wednesday wheat trading. From the floor of the CME in Chicago, here's Virginia McGathey ...
Virginia McGathey ... "Wheat was rebounding and the frigid temperatures really sparked some buying interest. And, what's happened is that there's been almost no snow cover and these frigid temperatures really leave the crops vulnerable to possible damage down the road. It looks like it's going to be cold for the next number of days. So, we're not exactly what's going to be the fallout from it, but we're going to watch that closely. Primarily, the trend is still kind of bearish so perhaps if we get a good enough rally it might bring in some profit-taking. But, that's really off the board now. We expected that was going to be a a choppy market as we move in towards the last couple of sessions of the year."
Chicago March Wheat prices closed yesterday up 5 ¾ at 427 ¼
March corn was up 1 at 353 ¼
Portland prices for soft white wheat of Ordinary Protein for December ended the day up 5 ¾ ranging from 5-26 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were up 5 ½ ranging from 5-75 ½ to 5-85 ½ DNS wheat with 14 % protein, prices for December were up 10 ¼ ranging from 7-41 ¼ to 7-56 ¼
Live Cattle for December were up $.52 ½ at 122.02 ½ January Feeder cattle are up $.77 ½ to 145.27 ½ December Class III milk was unch cents at 15.41
