Marketline Report for Monday, November 26th
This is Bob Larson with the Market Line Report for Monday, Nov 26th. The cattle market ends the holiday-shortened week a little higher. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, cattle was higher. That short week, you know, has really spurred some cash activity that was kind of unexpected. The February and the April contract really surged ahead today and the surprise bids really came in as packers kind of jump in to gobble up what's left into the feedlot right here before the holiday, but it's holding firm above that $115 mark. That's been the big support level here and that's really pushing higher. Friday should be very interesting after the cattle on feed report to see what we're having. Originally, we thought that the on feed report was going to show that we had some bigger supplies, but perhaps someone has some idea that that's not going to be coming."
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
