Marketline Report for Wednesday, December 12th

Marketline Report for Wednesday, December 12th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Dec 12th. Seasonal drop in beef prices has yet to materialize in cattle trading. From the floor of the CME in Chicago, here's Terry Roggensack.

ROGGENSACK ... "Traders continue to wait for a seasonal decline in beef prices, but this has simply not occurred. Boxed beef cutout values coming in $1.13 higher today at $215.42. That's up from $213.08 a week ago and the highest boxed beef cutout values since November 12th. Looking at the drop in beef production from the fourth quarter to the first quarter is bigger than last year and a pretty big number overall. Short term, that's a positive factor for the market as we look into the first quarter, however the market is a little bit, technically overbought."

Chicago Dec Wheat prices closed yesterday dn 5 at 511

Dec Corn was up ¾ at 375 ¼

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 5 ½ ranging from 6-64 ¾ to 6-74 ¾ DNS wheat with 14 % protein, prices for Dec were unch ranging from 6-85 ¼ to 6-95 ¼

Live Cattle for Dec were up $.80 at 118.70 Jan Feeder cattle are up $2.27 ½ to 147.52 ½ Dec Class III milk was up .04 cents at 13.69

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