Marketline Report for Thursday, November 29th
This is Bob Larson with the Market Line Report for Thursday, Nov 29th. Storage rates send wheat prices higher in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Now wheat was higher today. Wheat is another one that's just been up and down and been volatile over the past couple of weeks. The variable storage rates dropped three cents from .11 cents to 8 so they've dropped now to a little bit more of a competitive level which means that we've been able to start getting a little bit of an uptick in our exports and start to move some of our product out. And so the markets been up and it rallied and kind of spiked up right before the close and brought a little bit of selling, but we're right here at the benchmark on the Dec contract. Of course the deferred months are a little bit higher right now. I think the March contract is up and got up to almost $514. I think we're at about $511 right now before the close here. Still looking pretty strong, but that can turn on a dime so we're going to watch that closely."
Chicago Dec Wheat prices closed yesterday dn ½ at 497 ½
Dec Corn was up 4 at 361
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 6-15 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 8 ½ ranging from 6-07 to 6-22 DNS wheat with 14 % protein, prices for Nov were up 1 ranging from 6-76 ½ to 6-83 ½
Live Cattle for Dec were up $.75 at 117.00 Jan Feeder cattle are dn $.72 ½ to 147.77 ½ Nov Class III milk was dn .03 cents at 14.46
