Marketline Report for Tuesday, November 26th

Marketline Report for Tuesday, November 26th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Nov 26th. Live cattle trades higher on news of a strong cash market Monday. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “The last quarter of the year looks like it’s going to have issues with tighter supplies. That’s good news for all the longs in the live cattle market as it continues to move its way up. But, prices should remain firm overall so any kind of correction has kind of been reversed right now as we see that the feeders rebounded as well. That USDA report revealed that there was a replacement issue even though it did come across very neutral. The actual feeder cattle placement were well below estimates and that gave significant support to that comeback in the market and that’s why we see it up well over $3 and almost gaining back everything that it lost on Friday.”

Chicago Dec Wheat prices closed yesterday up 15 ¼ at 530 ¼

Dec Corn was up 1 ¾ at 370

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day up 5 ranging from 5-85 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 11 ½ ranging from 5-95 ½ to 6-10 ½ DNS wheat with 14 % protein, prices for Nov were up 5 ½ ranging from 6-43 ¼ to 6-73 ¼ Club Wheat of Ordinary Protein for Nov were up 5 ranging from 5-85 to 7-70

Live Cattle for Dec were up $1.02 ½ to 119.90 Jan Feeder cattle are up $2.70 to 141.95 Nov Class III milk was dn .03 cents at 20.34

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