Marketline Report for Tuesday, October 10th
This is Bob Larson with the Market Line Report for Tuesday, October 10th. The grain market is holding steady, for the most part. With more from the floor of the CME in Chicago, here's Virginia McGathey ...
Virgina McGathey ... "Wheat was lower. There's been bearish momentum that really ignited some follow-through selling and really is starting to sink a little bit. The RSI, the Relative Strength Index, is really down to like a new two-week low right now. Today is a holiday so there has been some lackluster trade and that gives evidence of the market kind of sinking a little bit. But, I'll tell you, that because of that it really added extra pressure to the market. So, it is kind of on its lows, but that's what we expect because the harvest time and we're still waiting for some numbers. That's why this report coming up on Thursday is going to be really meaningful to give us some numbers as to where the crops are at this time."
Chicago Dec Wheat prices closed yesterday dn 7 ¼ at 436
December corn was dn ½ at 349 ¼
Portland prices for soft white wheat of Ordinary Protein for October ended the day dn 7 ½ ranging from 5-11 to 5-45 Hard Red Winter wheat with 11 ½ % protein, prices for October were dn 6 ranging from 5-30 ¾ to 5-95 ¾ DNS wheat with 14 % protein, prices for October were dn ½ ranging from 7-33 ¼ to 7-53 ¼
Live Cattle for Oct were up $.40 at 111.70 October Feeder cattle are dn $.17 ½ to 153.85 October Class III milk was dn .11 cents at 16.69
