Marketline Report for Wednesday, November 6th
This is Bob Larson with the Market Line Report for Wednesday, Nov 6th. Managed money in the corn market comes up short in Tuesday trading. From the floor of the CME in Chicago, here’s Scott Shellady.
SHELLADY … “We’ve got some weather issues out there. There’s some things that are starting to bubble up and it’s going to be an interesting kind of trade going forward, I think, for the rest of the year and actually for the beginning of next year. But, right now as we speak, the managed money has got their bets on being short, right? Their short about 85,000 contracts. Is that a huge amount? Not really, for the managed money, no, but in a time when things can get kind of squirrely, before and after the report by the way, and when you don’t have the volumes that you normally have at different times of the year, if there’s something that comes out bullish and those 85,000 contracts have to be bought back or covered, and that could be something that kind spooks the market a little bit higher, so keep that in mind.”
Chicago Dec Wheat prices closed yesterday up 5 ½ at 515 ½
Dec Corn was dn 1 ½ at 382 ¼
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-95 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 5 ½ ranging from 5-90 ½ to 5-98 ½ DNS wheat with 14 % protein, prices for Nov were up 1 ¾ ranging from 6-50 to 6-96 Club Wheat of Ordinary Protein for Nov were unch ranging from 5-95 to 6-58
Live Cattle for Dec were dn $.62 ½ to 119.35 Nov Feeder cattle are dn $1.22 ½ to 147.75 Nov Class III milk was up .08 cents at 20.27
