Marketline Report for Friday, November 22nd

Marketline Report for Friday, November 22nd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Friday, Nov 22nd. In Thursday trading, corn approaches May lows after a recent $1 rally. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “Now, we’re kind of approaching the old lows of May. If you go back and take a look at that chart, we shot up a dollar after the USDA gave us the bullish news, and that’s a problem, right? We had funds 500-thousand contracts short. That was some fuel for that fire, but we rallied a buck and now we’ve kind of given it all back. And, there’s old traders that will tell you all the time, you need something to feed the bull every day. You just can’t have this market rally on nothing and so having given back almost all that move, we couldn’t sustain that rally. Once you get those 500-thousand contract shorts out of the market, there’s no shorts to kind of hold it up. There’s nobody that’s really worried about buying their shorts back so that’s why you start to see that market kind of fall back to earth.”

Chicago Dec Wheat prices closed yesterday dn 6 ½ at 508 ¼

Dec Corn was up 1 ¾ at 368 ½

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day dn 10 ranging from 5-80 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 5 ranging from 5-81 to 5-96 DNS wheat with 14 % protein, prices for Nov were dn 6 ranging from 6-40 ¼ to 6-70 ¼ Club Wheat of Ordinary Protein for Nov were dn 10 ranging from 5-90 to 6-03

Live Cattle for Dec were up $.02 ½ to 119.37 ½ Nov Feeder cattle are dn $1.07 ½ to 145.50 Nov Class III milk was up .03 cents at 20.37

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