Down Day in the Commodity Markets

Down Day with Commodity Markets

I’m KayDee Gilkey with the Market Line Report for Dec. 3, 2012. ?
March Chicago wheat led the all three wheat markets lower on the day. KC and Chicago wheat both saw double digit losses. Thoughts that the recent run higher in prices was overextended triggered a round of profit taking in the last 48 hours. From the floor of the CME Group, Scott Shellady shares his observations of Friday’s markets.

Shellady: “The grains, not a good day, not a horrible one but were red across the board. Liquidation, end of month that is what I think was happening mostly today. Grains off across the board we can of recovered some of that by the end of the day. Kinda of just squaring off, getting ready for the holiday season.”

Chicago December Wheat ended Friday down 24 and 1/2 cents at 8-44 and 3/4. December corn ended the day down 3 and 1/2 cents at 7-48.

Portland prices for soft white wheat and club wheat were down 6 1/2 to 19 and 1/2 cents at mostly 8-74 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 3/4 cents at mostly 9-94 and 1/4. DNS wheat with 14 pct protein prices were down 9 and 1/2 to 14 and 1/2 cents at mostly 10-19 and 3/4.

December live cattle were down Friday $1-48 at 126-73. January Feeder cattle were down $1-13 at 145-63. December class III milk was down 33 cents at 18-74.