Choppy Day on the Markets

Choppy Day on the Markets. I’m Greg Martin with the Market Line Report for Nov. 15, 2012.
Wheat futures saw a choppy day of trade. Chicago wheat ended mixed and Cattle futures slumped in cautious price action as traders wait on cash cattle trade to develop in the Plains. Packers have not yet established bids, which suggests demand will be limited. Packers are buying for a holiday-shortened slaughter schedule next week, showlist numbers are up from week-ago and cutting margins are deep in the red.

Greg Wagner with GWX Ag Advisors.

WAGNER: We have a mixed bag. We had such a big sell off on all these markets over the past few sessions here. We obviously got some traction yesterday, we’re getting a little bit more traction today. Not so with the wheat. I would note that all of these markets; corn, soybeans and wheat are all sitting at really - technically - support levels. The real issue here right now with this drop is demand.

Chicago December Wheat ended down 3 cents at 8-48.

December corn ended the day 2 and 1/4 at 725 1/2.

December Portland prices for soft white wheat and club wheat were down 1.25 to 2.25 ranging between 8-63 and 3/4 and 8-68 and 3/4.

Hard Red Winter Wheat with 11.5 pct protein prices were up 2 at mostly 9-74 and 3/4.

DNS wheat with 14 pct protein prices were up 1 to 2 cents at mostly 10-09 and 1/4.
December live cattle were down .375 at 125.425

November Feeder cattle were down .327 at 143.2

November class III milk was unchanged at 20-90