Marketline Report for Friday, December 28th
This is Bob Larson with the Market Line Report for Friday, Dec 28th. Grains continue to struggle in Thursday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was lower. It actually started up and rallied. It rallied almost a nickel so we had about an .11 range today out of the wheat, but it did end up lower. Traders kind of all but gave up on the futures. They just couldn't hold it up. Any time we had any kind of rally over the last four sessions, selling came in and really beat the market back again and profit-taking ensued and kind of pushed it lower. What happened with this was talks between the Russian Ag Ministry with the exporters was really expected to reveal that there was going to be some restrictions and that was kind of the impetus for the big runup in wheat. But, that didn't happen and I think the markets coming all the way back down. It's trying to head back to that $5 mark."
Chicago March Wheat prices closed yesterday up ½ at 511
March Corn was up 1 ¼ at 374 ¾
Portland prices for soft white wheat of Ordinary Protein for Dec ended the day unch ranging from 6-15 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Dec were dn 10 ½ ranging from 6-40 to 6-55 DNS wheat with 14 % protein, prices for Dec were dn 12 ranging from 6-47 ¼ to 6-57 ¼
Live Cattle for Dec were up $1.57 ½ at 123.05 Jan Feeder cattle are up $.90 to 148.85 Dec Class III milk was dn .04 cents at 13.80
