Soybean Oil Hits 2 Year High

Soybean Oil Hits 2 Year High

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Dec. 8th. Soybean oil at an all-time 2 year high, pushing the soybean market higher as well as a lower US dollar. Let's check in with Virginia McGathey as she covers the grain market from the floor of the CME in Chicago.

McGathey "I'm Virginia McGathey here on the floor at the CME Group with the grain report, let's start with the soy beans right now. It's two sided trading today, 13 cent range the markets still looking very strong. There's been great exports today that went to China, that's helping the market somewhat. Also, there's a little bit of buying fatigue and that's why the market settled down but still a 13 cent range, still looks very good."

As we take a look at those Chicago markets, May Wheat prices closed the day dn 6 ¾, at 413 ½. While Chicago May Corn prices were dn 2 ½, to close the day at 365 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for April were dn 6 ¾ & up 4, ranging from 4-47 ½ to 4-71. Hard Red Winter Wheat with 11.5 % protein, future prices for April were dn 5, ranging from 4-91 ¾ to 4-96 ¾. DNS Wheat with 14 % protein, prices for April were dn 5 ¼, ranging from 6-32 ¼ to 6-57 ¼. April Live Cattle closed the day dn 22 ½ cents, at 110.62 ½. April Feeder cattle were up 10 cents, at 123.35. Feb. class III milk was dn 4 cents at 16-67.

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