Marketline Report for Friday, December 21st
This is Bob Larson with the Market Line Report for Friday, Dec 21st. Beef holds firm as traders await coming USDA report. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "We got some pretty big reports today, but a lot of factors in the market short-term might keep us under some pressure over the near-term. First factor is the on feed supply will be out this afternoon. Traders are looking for December first on feed supply, up 1.7% from a year ago with a range of 1.1% up to 2.6% higher. Market is overbought. Technicals have turned negative and the cash market may not be as strong as the bulls have been predicting this week."
Chicago March Wheat prices closed yesterday up 1 at 522 ½
March Corn was dn 6 ½ at 375 ½
Portland prices for soft white wheat of Ordinary Protein for Dec ended the day unch ranging from 6-15 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Dec were up 1 ranging from 6-64 ½ to 6-69 ½ DNS wheat with 14 % protein, prices for Dec were dn ½ ranging from 6-78 to 6-85
Live Cattle for Dec were up $.50 at 120.15 Jan Feeder cattle are up $1.22 ½ to 147.32 ½ Dec Class III milk was dn .01 cents at 13.83
