Marketline Report for Wednesday, December 19th

Marketline Report for Wednesday, December 19th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Dec 19th. Cattle rallies in Tuesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Live cattle rallied. The beef cutouts were much higher this week and it gave a little boost to the market. Processing margins also remained very solid. The market is still holding in a channel and it's waiting that final on-feed report that's coming on Thursday. So, we expect the market to kind of give us a little bit of a mixed bag before then. Interestingly enough, there have been some experts that are trying to make a bet on where these markets are going to go, but they're fighting back and forth, that's what we're seeing each day and it has a little bit of a different trend. Now feeders were higher as well. They're following the live cattle market. There had been some smaller offerings in the feedlots and that kind of underpinned the futures that pushed it a little bit higher."

Chicago March Wheat prices closed yesterday dn 2 ½ at 532 ¼

March Corn was up 1 ½ at 385 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 4 ¾ ranging from 6-77 ¼ to 6-87 ¼ DNS wheat with 14 % protein, prices for Dec were dn 8 ½ ranging from 6-86 ¾ to 6-93 ¾

Live Cattle for Dec were up $.75 at 119.60 Jan Feeder cattle are up $.82 ½ to 146.22 ½ Dec Class III milk was up .05 cents at 13.85

Previous ReportMarketline Report for Tuesday, December 18th
Next ReportMarketline Report for Thursday, December 20th