Marketline Report for Friday, November 29th

Marketline Report for Friday, November 29th

Bob Larson
Bob Larson
This is Bob Larson with your Market Line Report for Friday, Nov 29th. Wheat price were lower on the heels of high world ending stocks. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat today was easier as well. The record high world ending stocks are really what’s putting a lid on the market. Everything is really kind of bearish for wheat so it’s a surprise that this rally happened at all, but it was really driven by the increased export sales. They’re up 66% compared to last year and that was the one big thing that happened and the markets a little bit thin, you get a couple of algorithms in there and really push the market up to much, much higher than anyone had thought, but otherwise the rest of the fundamentals are a little bit on the low side and that’s why we see the market kind of pulling in a little bit. Certainly, this would happen right before a holiday anyways.”

Chicago Dec Wheat prices closed yesterday dn 1¾ at 526 ¼

Dec Corn was dn 4 ¾ at 362 ½

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 5 ¾ ranging from 5-86 ¾ to 6-01 ¾ DNS wheat with 14 % protein, prices for Nov were dn 5 ½ ranging from 6-33 ½ to 6-63 ½ Club Wheat of Ordinary Protein for Nov were unch ranging from 5-85 to 7-70

Live Cattle for Dec were up $1.02 ½ to 121.77 ½ Jan Feeder cattle are up $1.70 to 143.57 ½ Nov Class III milk was up .03 cents at 20.37

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