Marketline Report for Tuesday, November 19th

Marketline Report for Tuesday, November 19th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Nov 19th. Monday’s wheat market rebounds a bit following Friday’s lows. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat was higher. It broke through that $5 benchmark support level, but quickly bounced back up. One of things that was interesting, it did make a .10 cent rally in that, but the markets relatively thin. It just tells me that the algorithms kind of pushed it a little bit and the markets relatively thin. So, we can see the market move to the upside this quickly and perhaps to the downside. Export sales have all been relatively weak, but it just seems like there was some bargain hunters stepping in, trying to participate in the market a little bit. Russian wheat has been on the rise a little bit so that’s important to note that. So, it’s possible that that could give U.S. wheat a little bit of a reason to kind of rally.”

Chicago Dec Wheat prices closed yesterday up 4 ½ at 507 ¼

Dec Corn was dn 3 ½ at 367 ½

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-90 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 1 ½ ranging from 5-78 ½ to 5-93 ½ DNS wheat with 14 % protein, prices for Nov were dn ½ ranging from 6-48 ¼ to 6-78 ¼ Club Wheat of Ordinary Protein for Nov were unch ranging from 5-90 to 7-70

Live Cattle for Dec were dn $.40 to 118.75 Nov Feeder cattle are up $.12 ½ to 146.45 Nov Class III milk was up .06 cents at 20.31

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