Choppy and Thin Pre-Holiday Trade in Wheat Market
Choppy and Thin Pre-Holiday Trade in Wheat Market
I’m KayDee Gilkey with the Market Line Report for Nov. 22, 2012. ?
Grains posted a rather quiet session on light selling as most traders were content to take to the sidelines for Thanksgiving. From the floor of the CME Group, Virginia McGathey shares her observations of Wednesday’s markets.
McGathey: “Wheat still has some support because of the tight supplies around the world and improving demand. We are worried that there may be some demand and with those supplies would give it a little bit of a boost. So hence that’s why the market was really choppy today. It really ended almost virtually unchanged on the day. The light volume is ahead of the Thanksgiving Day holiday and it looks like we are still keeping our eyes on the fiscal cliff and they are a number of traders on the sidelines.”
Chicago December Wheat ended Wednesday up a 1/4 of a cent at 8-45 and a 1/4. December corn ended the day down 2 and 1/4 cents at 7-41.
Portland prices for soft white wheat and club wheat were up a 1/4 of a cent ranging between 8-65 and a 1/4 and 8-70 and a 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 1/4 cents at mostly 9-67 and 1/4. DNS wheat with 14 pct protein prices were up 1 and 1/4 cents at mostly 10-05.
December live cattle were up Wednesday $1.02 and half at 128-07 and a half. January Feeder cattle were up $1.32 and half at 147-37 and a half. November class III milk was steady at 20-71.
