Market Line Report for Friday, December 27th
Markets came back from the holiday break moving in a positive direction overall, especially in cattle. From the floor of the CME in Chicago, here is Chris Robinson.
Robinson…”Strong markets in both live cattle and feeder cattle. The market has shrugged off what a lot of people thought was a negative or slightly bearish cattle on feed report. The placements were very high - higher than expected, but the market is hanging in there. And what's been the driver? Well, once again, we're looking at money flow. Managed money has been a big buyer on this rally. And what a rally it has been. Two and a half or three months ago we were flirting with 10 year lows. We've rallied to near eight-month highs. The market's hanging in there in a very impressive manner. Every time there's any bearish news, it has shrugged it off.”
Chicago March Wheat futures closed up $0.08 yesterday to $5.49.
March Corn up $0.01 to $3.88 ½.
Kansas City Hard Red Winter wheat up $0.10 to $4.70 ½.
Portland prices for soft white wheat of ordinary protein up $0.10 cents ranging from $5.90 to $6.10.
Dark Northern Spring wheat also up up $0.10 ranging from $6.77 ¼ to $7.22 ¼ for 14% protein.
Club Wheat of Ordinary Protein also saw a bit of a bump with bids ranging from $6.10 to $7.40.
Live Cattle futures were up $0.97 ½ to $126.80 on the February board. Jan Feeder Cattle up $1.87 ½ to $145.45.
Class III milk didn’t join in on the rally closing down $0.35 at $16.96.