Marketline Report for Wednesday, November 7th
This is Bob Larson with the Market Line Report for Wednesday, Nov 7th. Higher prices in the wheat market don't tell the whole story. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was weaker. The funds liquidated a lot of their positions and everything in futures has been trying to rally, but every time the market rallied in wheat selling came in and really just put a lid on everything. So, we've been stuck in a channel and it seems like the net short position continues to increase and it's been the largest it has been in six months. One thing to remember is that whichever way the KC wheat goes, it will take Chicago with it. So, we're watching that closely. Some of that KC wheat, some of the fund managers are getting more short some of that KC wheat. So, we have a little bit of an eye on that. Could that push the market through that big $5 support level? Possibly."
Chicago Dec Wheat prices closed yesterday dn 1 ½ at 506 ¼
Dec Corn was up 2 ¾ at 374
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day up 7 ranging from 6-22 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 15 ½ ranging from 6-44 ¾ to 6-64 ¾ DNS wheat with 14 % protein, prices for Nov were up 11 ranging from 6-81 ½ to 6-91 1/2
Live Cattle for Dec were dn $1.75 at 115.55 Nov Feeder cattle are dn $3.00 to 149.62 ½ Nov Class III milk was dn .08 cents at 14.70
