Holiday Brings Choppy Markets

I'm Susan Allen with market line for Wednesday. The short Holiday week shows typical choppy trade and weather in Brazil is effecting the grain market. Here's Chris Robinson, from Top Third Ag Marketing from the floor of the CME:

Robinson: Heading into the shorten Holiday week with News Years Eve's upon us shows typically choppy trade, what are the grains focused on? Well it's really a weather market we had a bit of a rally last night off of the lows on January beans because the weather forecast changed. If you look at what happened, wheat had a new low settlement. March wheat was not able to make a new low it came down within a penny or a ½ a penny and that's important. Some people are trying to call a double bottom in March wheat at around $4.65 again we will see where we are next week if that is able to hold, at the end of the day though a pretty negative price action in the corn and the wheat markets

Chicago March Wheat ended Tuesday up 5 at 471 1/2

march corn was up down 1 ½ at 359 1/2

Portland prices for January soft white wheat 10 ½ percent protein ranging 6.17 1/2-6.50

White Club wheat 10 ½ percent protein for December 8.02-8.08

January Hard Red Winter wheat with 11.5 percent protein ranging 5.50 2/4--5.60 3/4

DNS wheat with 14 percent protein prices for January ranging 5.96 1/4 -6.31 1/4

December live cattle were down 12 1/2 cents at 130.723

January Feeder cattle were up 2 cents at 162.85 .

January class III milk was down 11 cents at 13.58 .