Marketline Report for Monday, December 24th
This is Bob Larson with the Market Line Report for Monday, Dec 24th. Beef holds firm as we head into the Christmas holiday. From the floor of the CME in Chicago, here's Virginia McGathey.
This is Bob Larson with the Marketline Report for Christmas Day, Tuesday, Dec 25th. The Commodities Exchange was closed on Christmas Eve, but from the floor of the CME in Chicago, with Fridays numbers, here's Virginia McGathey.
This is Bob Larson with the Marketline Report for Wednesday, Dec 26th. The Commodities Exchange was close yesterday for Christmas. From the floor of the CME in Chicago, with a look at Friday's notes, here's Virginia McGathey.
McGATHEY ... "Today, the live cattle market was firm. The on feed report was really uneventful and that just made everyone look back at where there positions were. So, there's very little activity today and these quiet markets are just holding their value that they gained actually leading up to the on feed report when they moved it from today to yesterday. So, the USDA has really let everyone know that our values are right where they are and there has been a little bit of an uptick in some of the boxed beef prices and the choice as well. But, the deferred months were a little bit weaker on the live cattle side. It was kind of interesting. Now, feeders were steady. That low volume was just holding the futures right where they are. They were off just slightly, really mixed, down a couple of ticks, up a couple of ticks, not much really happening."
McGATHEY ... "Wheat was down again. Russia raises its export forecast just putting some serious pressure on the market. Maybe it did get overbought too much when we ran up to $5.37 1/2 . Now, we're quite a bit lower there. Today, the market really was down .10 or .12 cents. It just seems that the futures market is so thin that the moment kind of takes over in a big way and so, on the way down, it really pushed through its objective and now we got a little bit over-sold. And so, maybe on Monday we expect that there could be a little bit more of a bounce, but that said, that just means there's going to be a lot of volatility through the end of the year. So, we have a short week next week. It should be very interesting with all the grains actually."
Chicago March Wheat prices closed yesterday dn 9 ½ at 513 ½
March Corn was up 3 ¼ at 378 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 dn 6 ¾ ranging from 6-57 ¾ to 6-62 ¾ DNS wheat with 14 % protein, prices for Dec were dn 6 ¾ ranging from 6-71 ¼ to 6-84 ¼
Live Cattle for Dec were up $.65 at 120.92 ½ Jan Feeder cattle are dn $.07 ½ to 147.35 Dec Class III milk was up .01 cents at 13.84
