Marketline Report for Tuesday, December 26th
This is Bob Larson with the Market Line Report for Tuesday, December 26th. The market was closed yesterday for Christmas. With cattle trading news from Friday on the floor of the CME in Chicago, here's Virginia McGathey ...
Virginia McGathey ... "That USDA report revealed there were more cattle placements, catching traders a bit by surprise. It kind of gave back yesterday's gains and more. Interestingly, the market opened higher and actually traded higher before the sellers came in and pressed this market lower. And, it kind of revealed the bearish news just could not hold the market up. Feeders also had to pull back. Certainly, the on-feed report really sent the futures lower and we have to watch out for other bearish news that some of the traders feel has not factored in. And, that's really coming out of the Texas area. They feel that some of those placements haven't really been figured into the market. And, if that's the case, that could press the market a little bit lower."
Chicago March Wheat prices closed yesterday dn 2 ¼ at 425
March corn was dn ¾ at 352 ¼
Portland prices for soft white wheat of Ordinary Protein for December ended the day unch ranging from 5-11 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 2 ranging from 5-72 ¼ to 5-82 ¼ DNS wheat with 14 % protein, prices for December were dn 5 ¼ ranging from 7-31 ¾ to 7-46 ¾
Live Cattle for December were up $.20 at 119.80 January Feeder cattle are dn $1.37 ½ to 141.80 December Class III milk was dn .01 cents at 15.43
