Marketline Report for Wednesday, November 20th

Marketline Report for Wednesday, November 20th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Nov 20th. The corn market pulls back Tuesday giving back last month’s rally. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “We had that recent .50 cent rally, up to $4.02, now we’ve given away 70% of that. We’ve given back .35 cents of that rally and what that just tells me is when we got to that $4.02 level, obviously we ran into a lot of selling at that $4-bucks, that large, new handle number, but then the longs that already had it and didn’t need any more and the country just felt kind of heavy that way. We’ve had some dollar issues with that being strong as well, but again, giving 70% of that move back. 62% going to be a Fibonacci. After we’ve gone through that, we clearly have what’s going to be there to kind of stop this thing. I think it’s probably another, I don’t know, .03 or .04 cents and we’ll start to maybe see some buying in there.”

Chicago Dec Wheat prices closed yesterday up 4 ¾ at 511 ½

Dec Corn was up 2 ¼ at 370

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 7 ¼ ranging from 5-85 ¾ to 6-00 ¾ DNS wheat with 14 % protein, prices for Nov were unch 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 up $.07 ½ to 118.75 Nov Feeder cattle are up $.22 ½ to 146.52 ½ Nov Class III milk was up .02 cents at 20.33

Previous ReportMarketline Report for Tuesday, November 19th
Next ReportMarketline Report for Thursday, November 21st