Marketline Report for Monday, November 25th
This is Bob Larson with the Market Line Report for Monday, Nov 25th. Cattle prices fall ahead of the upcoming USDA Cattle on Feed Report. From the floor of the CME in Chicago, here’s Virginia McGathey.McGATHEY … “Today in the livestock market, the cattle was a little bit lower. There’s worries of the USDA report coming out, the Cattle on Feed, is going to be a little bit bearish. They’re going to be watching those placement numbers. I think the Dec. prices are beginning to weaken a little bit and we expect that this overbought market really could turn lower in a hurry. Feeders also fell and I think they’re leading the charge here. Market correction really looks like it has begun. Some profit taking through this liquidation of a lot of the positions is building some momentum very quickly on the downside and I think it’s really bringing the entire complex lower.”
Chicago Dec Wheat prices closed yesterday up 6 ¼ at 514
Dec Corn was up ¼ at 368 ½
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-80 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 3 ranging from 5-84 to 5-99 DNS wheat with 14 % protein, prices for Nov were dn 2 ½ ranging from 6-37 ¾ to 6-67 ¾ Club Wheat of Ordinary Protein for Nov were unch ranging from 5-80 to 7-70
Live Cattle for Dec were dn $.65 to 118.77 ½ Jan Feeder cattle are dn $3.32 ½ to 139.15 Nov Class III milk was up .01 cents at 20.37