Buy the Rumor-Sell the Fact

I'm Greg Martin with the Market Line Report for December 16, 2013.

The grain markets were influenced on Friday by a major USDA crop report and according to Greg Wagner with GWZ Ag Advisors it seemed it was a "by the rumor - sell the fact" kind of trading day.

WAGNER: Impacted with what was a better than expected supply and demand report as far as end stocks go but the corn market was not able to hold up. And the wheat market closed over a nickel lower and that nickel represents just a fraction of the losses we saw this week. Looming over this corn market is global ending stock levels at multi-year highs and looming over the wheat market is again, plenty of supply available.

Chicago March Wheat ended Thursday down a nickel at 6-28 and 3/4.

March corn ended the day down 8 3/4 at 4-33 and 3/4.?

Portland prices for soft white white were down 5 at mostly 6-98 and 3/4.

White club wheat prices were down 5 at mostly 7-23 and 3/4.

Hard Red Winter wheat with 11.5 percent protein prices were down 5.75 at mostly 7-70 and 1/2.

DNS wheat with 14 percent protein prices down 3.50 at mostly 8.04 1/2

February live cattle were down 19 at 132-850.

January Feeder cattle were unchanged.

January class III milk was up 18 at 18-52.