First Market Report of the New Year

I'm Tom Allen with the Market Line Report. Welcome to the first market of the New Year, the start of the quarter, start of the month and start of 2016. We go to Oliver Sloup with II trader to talk about yesterday's market wrap-up.

"Sloup, if we do start to get some scares with the weather and other fundamental factors, we could see funds start to cover. I really do like the support levels down here. I think the risk is now to the upside. We ran out of selling pressure levels, they really go back to Novembers lows, it would be really nice to start out 2016 with and flash and get some short covering. "

Chicago March Wheat ended up 1/4, at 470. March corn ended down dn at 3-58 1/4. Portland prices for soft white wheat for Jan, were ranging from 4-69 3/4 to 5-30. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were at 5-54 1/2. DNS wheat with 14 % protein, prices gained a little, ranging from 6-12 to 6-32. Dec. live cattle closed up $2.80 at, 135.80. Jan. Feeder cattle were up $1.00 at 166.95 Jan. class III milk was dn 6 cents, at 13-55.