Marketline Report for Wednesday, December 6th
This is Bob Larson with the Market Line Report for Wednesday, December 6th. The cattle market continues to take some hits. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Joe Vaclavik ... "The futures market is under a lot of pressure. This nearby December futures contract has lost more than $10 a hundred weight since topping in early November. Through all of this, the funds are still along the market. They've detracted from their long position just a little bit, but really a pretty poor performance here as of late. Perhaps the big numbers are finally starting to catch up with this market. Now, the cash cattle market most recently traded as high as $120 or $121 last week, I believe. So, it's not the cash market yet that has dragged this futures market lower. Now, perhaps there will be an expectation for a lower cash trade later this week given the lower futures. We've got a pretty wide spread between the most recent cash trade and our nearby December futures which are now in the delivery period."
Chicago Dec Wheat prices closed yesterday dn 4 ¼ at 405 ¾
December corn was up ¼ at 339 ¾
Portland prices for soft white wheat of Ordinary Protein for December ended the day dn 2 ¼ ranging from 5-12 ¾ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 4 ½ ranging from 5-74 ½ to 5-91 ½ DNS wheat with 14 % protein, prices for December were dn 4 ¾ ranging from 7-29 ¼ to 7-51 ¼
Live Cattle for December were up $.05 at 116.50 January Feeder cattle are dn $2.12 ½ to 147.72 ½ December Class III milk was up .05 cents at 15.42
