Marketline Report for Monday, December 9th
McGathey…”Wheat was a little bit lower today. The futures continued to slide the sixth day in a row. Now we knew that it overshot the objective a little bit on that upside, and so you see the market continue to move. Lower prices did breach through a lot of the technical support numbers and some of the speculative funds are a little bit short.”
Friday wheat futures were/mixed with March closing about unchanged at $5.24.
March Corn also nearly unchanged at $3.76 ½.
Very little change in the Portland prices for soft white wheat, club wheat or Hard Red Winter wheat Friday.
Dark Northern Spring wheat prices for Dec were up $0.14 ranging from $6.42 to $6.87 for 14% protein.
Live Cattle futures up $0.55 to $125.15 on the February board. Jan Feeder Cattle were up $1.25 to $141.80.
December class iii milk was up $0.18 at $19.55.