Soybeans Down On The Day

This is Matt Rice with the Market Line Report for Dec. 15th. A stronger US dollar and some rainy forecasts in Argentina are making it difficult to increase demand in the soybean market. Let's go to Scott Shellady as he covers the grain market from the floor of the CME in Chicago.

Shellady "Soybeans trading heavily made a run at being changed, but ultimately down on the day. A few reasons for that, but I would say first and biggest we've got a bloated long in there waiting for some more bullish news so they can get out. While that doesn't happen the market just slowly but surely starts to melt on them. So these hedge funds, they're only about 140,000 contracts are waiting for some that's going to give a market a boost to the upside that they can unload and while they don't, we just start to see some of the weaker hands bleed themselves out."

As we take a look at Chicago grain markets, May Wheat prices closed the day up ¾, at 429. Chicago May Corn prices were up ¾, to close the day at 368 ¼. Prices in Portland for Soft White Wheat of ordinary protein for April were unch- up ¾, ranging from 4-60 to 4-64. Hard Red Winter Wheat with 11.5 % protein, future prices for April were up 4 ½, ranging from 5-11 ¼ to 5-16 ¼. DNS Wheat with 14 % protein, prices for March were up 2 ¼, ranging from 6-50 ¾ to 6-65 ¾. April Live Cattle closed the day dn 47 ½ cents, at 112.87 ½. April Feeder cattle were dn $1.12 ½, at 124.40. Feb. class III milk was dn 5 cents at 17-43.