Market Rebounds

Market Rebounds

I’m Greg Martin with the Market Line Report for Dec. 6, 2012. ?
After a very lackluster day on Tuesday the markets appeared considerably more active yesterday as Virginia McGathey of McGathey Commodities comments.

McGATHEY: Corn and wheat are both like in a channel. Kind of with a bullish and a bearish pull there has some support resistance basically holding it in there. Now with that being said the Farm Bureau survey put out looks like planting on corn is going to be exactly the same as last year.

The U.S. Grain Council’s Corn Harvest Quality Report for 2012-2013 shows the overall quality of the 2012 U.S. corn crop is high. Despite the drought - this year’s crop showed a year-over-year improvement in average text weight, protein levels and lower moisture and BCFM than the 2011 crop. Samples of corn were gathered from 12 states that total 99-percent of U.S. corn exports.

Chicago December Wheat ended up 4 cents at 8-39 1/2.

December corn ended the day up 6 3/4 at 7-53 1/4.

Portland prices for soft white wheat and club wheat were up 3.50 to 8.50 cents at mostly 8-81 and 3/4.
Hard Red Winter Wheat with 11.5 pct protein prices were up 5.25 cents at mostly 9-90 and 3/4.
DNS wheat with 14 pct protein prices were up 3 at mostly 10-17 and 1/4.
December live cattle were up .025 at 127.150.

January Feeder cattle were up 82 cents at 146-40.

December class III milk was unchanged.