Wheat Down Again Slightly

After two days of sharply lower prices, March wheat temporarily pushed into another new low for the move and forged the lowest price since September 16th. With the March contract pushing through Thursday's low Friday morning, technical damage was present in 3 of 5 trading sessions last week. From the floor of the CME Group, Scott Shellady shares his observations of Friday's markets.

Shellady: "Happy Friday afternoon -- as holiday markets go, so do holiday traders. Things got a little bit thinner here and that will continue to do so as we get closer and closer to the end of the year. Here is where we are sitting at, we've got corn down one extra cents and the wheat market trying to hang on to unchanged - which is fair. These prices across the board I think are fair as of late. And wheat took it on the chin because of a Stats Canada report about a record crop."

Chicago March Wheat ended Friday down a penny at 6-51. March corn ended the day up 3/4 of a cent at 4-34 and 1/4.??Portland prices for soft white white were down a penny at mostly 7-16. White club wheat prices were down a penny at mostly 7-41. Hard Red Winter wheat with 11.5 percent protein prices were were up a 1/4 of a cent at mostly 7-92 and 1/2. DNS wheat with 14 percent protein prices were down 3 and 1/4 cents at mostly 8-18.

?February live cattle were down 22 and half cents Friday at 131-42 and half. January Feeder cattle were up 35 cents at 164-47 and half. January class III milk was up a dime at 18-55.