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Allendale Morning Wake Up Call: Market Report Summary on December 8, 2023
Pete discusses the daily agricultural market report. He shares that there's an increase in March corn and January beans prices, while March Chicago wheat sees a decrease. The December supply and demand reports are typically calm and similar expectations are forecasted for this year. He also anticipates major changes in the supply and demand of commodities in the upcoming January report. On the livestock side, beef choice and select are down, with the packer break even at 174.32. The beef export disappoints due to an unstoppable slide since mid-September. Meanwhile, the cattle market experiences a sharp drop. French advises to observe if the boxed beef values increase at least three days in a row and urges caution while handling the cattle market due to its potential volatility.
