Marketline Report for Friday, November 23rd
This is Bob Larson with the Market Line Report for Friday, Nov 23rd. Wheat stocks climb to a three year high as the market weakens. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was weaker today. Stocks are at the larges they've been in three years and even that even though we were lower there was some indicators that perhaps that the market is starting to turn a little bit changing to a short-term trend maybe to the upside although it seems all the indicators are really lower and somewhat bearish. There is some confusion with the market direction and it's kind of day to day and now that we have this short week, Friday we're going to have a very short day. It's closing just an hour earlier, then that's going to set us up for a full-out five weeks right to the end of the year, so depending what happens with the G-20 and how that starts to work, I think it's going to dictate which way we're going to go before 2019 is upon us."
Chicago Dec Wheat prices closed yesterday dn 2 at 498
Dec Corn was up ½ at 361 ¼
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 6-15 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 5 ranging from 6-08 to 6-24 DNS wheat with 14 % protein, prices for Nov were up 1 ¼ ranging from 6-72 to 6-82
Live Cattle for Dec were up $.70 at 116.45 Jan Feeder cattle are up $1.75 to 148.20 Nov Class III milk was dn .02 cents at 14.47
