Wheat Market Down Again on Wednesday

Wheat Market Down Again on Wednesday

I’m KayDee Gilkey with the Market Line Report for November 20, 2014.
It was the third day in a row for lower wheat prices. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.
Vaclavik: “Livestock markets were firm to higher on Wednesday. We had a mixed trade in the fat cattle market, a mostly lower trade in the feeder cattle market and higher trade in hog market. The cattle market itself both the futures side and on the cash side has been very, very strong. We are at new all times high in the cash cattle. New all time highs in the future and the feeder cattle are sitting just a couple bucks below all time highs. All in all a very firm trade. Its been the same type of idea here that we’ve been trading here for months now that there is a shortage of supply here in the United States.”
Chicago December Wheat ended Wednesday down 11 and 1/4 cents at 5-37 and 3/4. December corn ended the day down 8 and 3/4 cents at 3-63 and 1/4.
Portland prices for soft white wheat were steady to down 4 to 11 and 1/4 cents at mostly 6-92 and 1/2. White club wheat prices were down 11 and 1/4 cents at mostly 9-28 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 7 and 1/4 cents at mostly 7-29 and 1/4. DNS wheat with 14 percent protein prices were down 7 cents at mostly 9-35 and 1/2.
December live cattle were unchanged on Wednesday at 170-82 and half. January Feeder cattle were down 17 and half cents at 237-10. December class III milk was up 20 cents at 18-55.
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