Marketline Report for Wednesday, November 13th
This is Bob Larson with the Market Line Report for Wednesday, Nov 13th. Tuesday’s cattle market reacts to China’s approval of Argentine beef shipments. From the floor of the CME in Chicago, here’sVirginia McGathey.
McGATHEY … “Cattle was mixed. China did approve Argentina for beef shipments and that means the slaughter houses there, they’re going to taking shipments out of Argentina, which is really kind of interesting. Non-commercial traders are getting into the market too. They’re pushing this market higher. Dare I say that the new talk is that the trend is going to be staying intact until the end of the year. That’s really something to think about, but we have to be careful because anybody that bet against the market really got hurt and we know at some point in time there is going to be a correction, but certainly it’s not going to be today and perhaps not any time soon.”
Chicago Dec Wheat prices closed yesterday up 11 ¼ at 516 ½
Dec Corn was up 4 ½ at 377 ½
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 up 16 ranging from 5-98 ¾ to 6-13 ¾ DNS wheat with 14 % protein, prices for Nov were up 11 ½ ranging from 6-66 ¾ to 6-96 ¾ Club Wheat of Ordinary Protein for Nov were unch ranging from 5-95 to 7-70
Live Cattle for Dec were dn $.12 ½ to 119.87 ½ Nov Feeder cattle are up $.22 ½ to 148.00 Nov Class III milk was dn .10 cents at 20.06