Marketline Report for Wednesday, December 13th

Marketline Report for Wednesday, December 13th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, December 13th. A bit of bounce back in the cattle market Tuesday. From the floor of the CME in Chicago, here's Joe Vaclavik ...

Joe Vaclavik ... "The live cattle market was sharply higher here on Tuesday posting a recover after what had been an extended sell-off. I believe, prior to today, the live cattle market posted eight consecutive lower daily closes which is quite a streak and, we broke the streak here today. So, some technicians, some chart readers might call this a technical recovery after an over-sold technical condition and, for the moment, I think that's how I'd view it. I'm not seeing a whole lot of news here to spark a rally and really nothing on the cash side, nothing on the cut-out side to make me get real friendly. So, for the moment, I'm just viewing this as a technical recovery following an extended losing streak."

Chicago Dec Wheat prices closed yesterday dn ½ at 387 ¼

December corn was dn ¾ at 336

Portland prices for soft white wheat of Ordinary Protein for December ended the day unch ranging from 5-07 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 1 ½ ranging from 5-56 ¼ to 5-71 ¼ DNS wheat with 14 % protein, prices for December were dn 3 ½ ranging from 7-25 ½ to 7-30 ½

Live Cattle for December were up $.97 ½ at 116.00 January Feeder cattle are up $1.65 to 146.97 ½ December Class III milk was dn .01 cents at 15.60

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