Wheat Higher, Cattle Down Monday

Wheat Higher, Cattle Down Monday

I’m KayDee Gilkey with the Market Line Report for December 16, 2014.
Continued rumors floating that Russia will slow wheat exports seem to take some credit for higher ending prices across the three wheat markets on Monday. From the floor of the CME Group, Todd Horwitz shares his observations of Monday’s livestock markets.
Horwitz: “Monday’s livestock — we’ve seen as I’ve been talking about that the highs are in in the cattle markets. And I believe that the highs are in. There is talk that there could be a spike rally and the shortage could continue. I don’t see it. I think technically we’ve seen — we’re now starting to break down as we look at feeder cattle we are at a very key $225 level. If we break from here I think it is a straight shot down to $2. Again I don’t see a reason here that we are going to see prices continue to go higher — consumption is lowering, demand is lower.”
Chicago March Wheat ended Monday up 12 and 1/2 cents at 6-19. March corn ended the day up a penny at 4-08 and 1/2.
Portland prices for soft white wheat were up 12 and 1/2 cents at mostly 7-39. White club wheat prices were up 12 and 1/2 cents at mostly 9-97. Hard Red Winter wheat with 11.5 percent protein prices had no price comparisons. DNS wheat with 14 percent protein prices were mixed down 58 and 1/4 to up1 and 3/4 cents at mostly 9-12 and 1/2.
February live cattle were down 42 and half cents on Monday at 161-75. March Feeder cattle were limit down at 218-25. January class III milk was down 19 cents at 15-61.

 

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