Marketline Report for Monday, November 13th
This is Bob Larson with the Market Line Report for Monday, November 13th Friday was all about reaction to the latest USDA report. From his desk on the Allendale trading floor, here's Steve Georgy ...
Steve Georgy ... "USDA raising corn yields quite a bit more than what the trade had anticipated pushing carryout to just a massive, massive number and yet corn did drop back yesterday. It is unchanged overnight. Very quiet market overnight, but do we get some follow through? And so, when you look at that and say where should we be, well that number is pretty big. Whether or not the trade is going to start looking at it as something else, we'll see. The funds are already short, corn quite a bit. Do they increase this position more than 200-thousand short, at the levels that we're currently at, or do we see some change as we go toward the end of the year."
Chicago Dec Wheat prices closed yesterday up 2 ½ at 430 ¾
December corn was up 2 at 343 ½
Portland prices for soft white wheat of Ordinary Protein for November ended the day up 1 ranging from 5-26 to 5-35 Hard Red Winter wheat with 11 ½ % protein, prices for November were up 4 ¼ ranging from 5-88 ¼ to 6-03 ¼ DNS wheat with 14 % protein, prices for November were dn ½ ranging from 7-67 ½ to 7-77 ½
Live Cattle for December were dn $1.90 at 120.70 November Feeder cattle are up $.22 ½ to 158.42 ½ November Class III milk was up .03 cents at 16.77
