Marketline Report for Wednesday, November 27th
This is Bob Larson with the Market Line Report for Wednesday, Nov 27th. Profit taking puts pressure on the wheat market in Tuesday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Now, wheat did slip giving back some of yesterday’s rally. The profit taking did pressure the market somewhat, but the futures did pull back about half of yesterday’s gains. Interestingly enough, as we get later into the day the market started to get a little bit stronger. Again, there is some underlying support in the wheat that has everyone kind of scratching their head, a big surprise on it, but I think that it looks like the markets are very thin, low volume, and that’s why the trade is higher in volatility. But, these thin markets are easy to push around and I expect that there’s going to be this same volatility is going to continue throughout the week, at least for the next couple of sessions.”
Chicago Dec Wheat prices closed yesterday dn ¾ at 529 ¾
Dec Corn was dn 3 at 367
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-85 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 3 ranging from 5-92 ½ to 6-07 ½ DNS wheat with 14 % protein, prices for Nov were dn 4 ¼ ranging from 6-39 to 6-69 Club Wheat of Ordinary Protein for Nov were unch ranging from 5-85 to 7-70
Live Cattle for Dec were up $.70 to 120.72 ½ Jan Feeder cattle are dn $.35 to 141.80 Nov Class III milk was up .01 cents at 20.34
