Marketline Report for Thursday, November 7th
This is Bob Larson with the Market Line Report for Thursday, Nov 7th. Tight global supplies push the wheat market up in Wednesday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Wheat was higher as tighter world supplies kind of squeezed the market up a little bit, about 5 or 6 cents at one point. Traders are getting a position ahead of the report on Friday and I think that the volumes are very low right now. And, what that does is make the market very vulnerable to a little bit spikey volatility. So, we saw the market open and kind of spiked up 5 or 6 cents which was a little bit of a surprise, especially that we thought that we might be testing that $5 level, but not today at all. We did get up to $5.20 on the Dec contracts so it looks like the market is staying relatively strong and kind of hanging out at this level even though so many of the numbers have been relatively bearish.”
Chicago Dec Wheat prices closed yesterday up 1 ½ at 517
Dec Corn was dn 3 at 378 ¾
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-95 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 2 ¾ ranging from 5-87 ¾ to 5-97 ¾ DNS wheat with 14 % protein, prices for Nov were up 13 ¼ ranging from 6-63 ¼ to 6-93 ¼ Club Wheat of Ordinary Protein for Nov were up 5 ranging from 6-00 to 7-70
Live Cattle for Dec were dn $.45 to 119.17 ½ Nov Feeder cattle are dn $1.05 to 146.97 ½ Nov Class III milk was up .04 cents at 20.34
