This is Bob Larson with the Market Line Report for Wednesday, December 13th. A bit of bounce back in the cattle market Tuesday. From the floor of the CME in Chicago, here’s Joe Vaclavik …

Joe Vaclavik ... “The live cattle market was sharply higher here on Tuesday posting a recover after what had been an extended sell-off. I believe, prior to today, the live cattle market posted eight consecutive lower daily closes which is quite a streak and, we broke the streak here today. So, some technicians, some chart readers might call this a technical recovery after an over-sold technical condition and, for the moment, I think that’s how I’d view it. I’m not seeing a whole lot of news here to spark a rally and really nothing on the cash side, nothing on the cut-out side to make me get real friendly. So, for the moment, I’m just viewing this as a technical recovery following an extended losing streak.”

Chicago Dec Wheat prices closed yesterday dn ½ at 387 ¼

December corn was dn ¾ at 336

Portland prices for soft white wheat of Ordinary Protein for December ended the day unch ranging from 5-07 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 1 ½ ranging from 5-56 ¼ to 5-71 ¼ DNS wheat with 14 % protein, prices for December were dn 3 ½ ranging from 7-25 ½ to 7-30 ½

Live Cattle for December were up $.97 ½ at 116.00 January Feeder cattle are up $1.65 to 146.97 ½ December Class III milk was dn .01 cents at 15.60