Market Line Report for Tuesday, December 31st
Markets were mixed yesterday with continued fund rebalancing ahead of the year end. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”A lot of optimism for China trade to underpin this market. I mean, wheat wasn't expected to really participate much in it, but it certainly looks like there might be a lot more participation than we thought. Also, there's global issues around the world from Argentina and Australia. Could it be possible that soybeans can get to $10, corn can get the $4, and we get to $6, respectively? Very, very possible. So we're going to watch that closely. “
Chicago March Wheat futures started the week by closing down just a hair $0.0025 to $5.56.
Kansas City Hard Red Winter wheat futures up just a half cent to $4.80 ½.
Monday March Corn closed down $0.01 1/2 to $3.88 ¼.
Portland prices for soft white wheat of ordinary protein closed in positive territory yesterday. That now bid now up to $6.15.
Dark Northern Spring wheat bounced back as much as $0.10 ½ yesterday. Bids for 14% delivered in January range from $6.97 to $7.22.
Club Wheat of Ordinary Protein for Dec went to “no-bid” yesterday. 10.5% protein minimum still bidding from $6.10 to $7.40.
Live Cattle futures were down $0.27 1/2 to $126.42 1/2 on the February board. January Feeder Cattle were down $0.12 1/2 to $145.42 1/2.
January class III milk was up $0.03 at $17.13.