Market Line Report for Thursday, December 12th
Here is Standard Grain's Joe Vaclavik:
Vaclavik..."USDA did cut its projection for us wheat ending stocks. What they did here is they increased the export projection by 25 million bushels. That's probably warranted. We've got a good export program going in wheat and they cut the import projection by 15 million bushels. So that knocks your carry out estimate for us wheat down to 974 million. That would be the lightest in five years. If realized you're global wheat carry out estimate increased by a very small amount, less than one percentage point versus last month. Wheat futures again, or the wheat market at least, a positive report yesterday, at least on the U.S. side. On the global side, you look at the situation there and it's as bearish as ever. I mean, you've got the biggest global carry out that we've seen ever. Basically dating back to the late eighties at the chart I'm looking at and the highest stocks to use ratio dating back to that same period."
Cattle faring much better today with Feb live cattle posting modest gains of $0.40 at the time of this report to $124.975, and feeders continue to make gains, currently up over a dollar to $142.67 ½.
Class 3 milk futures were down $0.27 to $18.13.