Wheat Slightly Lower, Feeder and Fat Cattle Limit Down

Wheat Slightly Lower, Feeder and Fat Cattle Limit Down

I'm KayDee Gilkey with the Market Line Report for December 17, 2014
It was a mixed grains market on Tuesday— wheat slightly higher and corn was marginally lower. Lots of red ink in the fats and feeder cattle markets. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s livestock markets.
Vaclavik: “Livestock markets here in Chicago were sharply lower on Tuesday. Limit down trade across the board in the fat cattle and another limit down trade in the feeder cattle market and a sharply lower trade in the hog market. This is just good old fashion fund liquidation in the livestock. The fat cattle and feeder cattle markets have just rallied relentlessly for months up until the last few days. And are now just giving back lot of those gains in a very, very short period of time. This certainly has something to do with year-end position squaring. It probably has something to do with the weakness in the outside commodity markets.”
Chicago March Wheat ended Tuesday up 4 and 1/4 cents at 6-23 and 1/4. March corn ended the day down 2 and 1/2 cents at 4-06.
Portland prices for soft white wheat were up 4 and 1/4 cents at mostly 7-43. White club wheat prices were up 4 and 1/4 cents at mostly 10-01 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices had no price comparisons at mostly 7-52 and 3/4. DNS wheat with 14 percent protein prices were up 1 and 3/4 to 61 and 3/4 cents at mostly 9-44 and 1/4.
February live cattle were limit down on Tuesday at 158-75. March Feeder cattle were limit down at 215-25. January class III milk was down 3 cents at 15-58.

 

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