LIght Trade Ahead of Holiday

Light Trade Ahead of Holiday

I’m KayDee Gilkey with the Market Line Report for Dec. 24, 2012. ?
The Chicago wheat market bounced up a little higher Friday following a sharp sell off Thursday. Worries over the Fiscal Cliff, lower stocks, and a stronger US Dollar were shrugged off as traders evened up positions ahead of the Christmas holiday. From the floor of the CME Group, Chris Robinson shares his observations of Friday’s markets.

Robinson: “We had some sales last night, nothing really, really major. But did have Taiwan step in and buy a couple shipments of U.S. wheat. Now wheat also has sold off. Old crop corn dropped below $7 and old crop wheat dropped below $8. You are seeing end-users stepping in here and buying it. Thing with the U.S. wheat is that it is the cheapest wheat on the block and that should be supportive down the line.”

Chicago March Wheat ended Friday up 1 and 1/2 at 7-92. March corn ended the day up 5 and 1/2 cents at 7-02.

Portland prices for soft white wheat and club wheat were up 1 and 1/2 cents at mostly 8-44 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 3/4 cents at mostly 9-27. DNS wheat with 14 pct protein prices were down 2 and 1/4 cents at mostly 9-63 and 1/2.
February live cattle were up Friday 7 and 1/2 cents at 133-57 and 1/2. January Feeder cattle were down 12 and 1/2 cents at 152-15. January class III milk was up 25 cents at 18-05.