Friday's Market Brings Mixed Bag

I’m KayDee Gilkey with the Market Line Report for December 1, 2014.
It was a good day for the wheat market. Across all three of the classes there were double digit gains on Friday. From the floor of the CME Group, Virginia McGathey shares her observations of Friday’s markets.
McGathey: “Today in the grain market we’ve got a little bit of a mixed bag. Looking back from October first when the rally really began, right now it looks like the bears are starting to build some momentum to the upside. Even though we see corn today off a couple of cents. Wheat opened lower and is a little bit higher right now. Today in the livestock market we have beef coming off its high.Interestingly enough wholesale beef prices are higher along with select and choice prices still pretty strong. With the grains started to rally, it is putting some pressure on the cattle market.”
Chicago March Wheat ended Friday up 15 and 3/4 at 5-78 and 1/2. March corn ended the day down 2 and 3/4 cents at 3-75 and 3/4.
Portland Wednesday’s prices for soft white wheat were up a nickel at mostly 7-17 and 3/4. White club wheat prices were up a nickel at mostly 9-59 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 4 and 1/4 cents at mostly 7-50 and 1/4. DNS wheat with 14 percent protein prices were up 2 cents at mostly 9-63 and 3/4.
February live cattle were down 45 cents on Friday at 169-22 and half. March Feeder cattle were down 85 cents at 230-20. January class III milk was steady at 16-80.