11-21 Market Line Report

11-21 Market Line Report

David Sparks Ph.D.
David Sparks Ph.D.

Wheat Market up a smidge. I'm David Sparks filling in for KayDee Gilkey with the Market Line Report for November 21, 2014. From the floor of the CME Group, Virginia McGathey shares her observations of Thursday's grain and livestock markets." Today in the grain markets, we get a little bit of a bounce after yesterday's broad selloff due to liquidation. We've got expiration coming up, it's putting pressure on the market. Right now export sales seem to be a little bit lower in wheat. Basically the rally got a little bit exhausted now and there's not really any good news on the horizon to keep these markets higher. It might have been just a little bit of an oversold situation because today we are up. We'd is up three cents, corn is up four cents, but still overall, it is starting to look like a bullish trend may be a little bit over and we may be moving into a bearish trend. We have to watch out below. The weather is definitely a factor in the US and in Brazil so we don't forget to watch that closely but right now with the reports coming in it still looks like the market is going to be in a little bit of a slide, so we are looking for the market to sell off somewhat as we are approaching the Thanksgiving holiday. Today in the livestock market, we have the market leveling off a little bit. Cattle is a little bit stronger, we are seeing both choice and select prices on beef still up so it is holding the market up a little bit higher. There has been a little extra cattle going to slaughter right now that should push the market lower but it seems to me that farmers are trying to take advantage of these high prices.

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