Marketline Report for Monday, October 1st
This is Bob Larson with the Market Line Report for Monday, Oct 1st. A USDA report gives traders mildly good news Friday. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "We had a USDA report today. We had a lot of things happening on Capitol Hill which I'm sure you're all tired of hearing about, but there's also a lot of things happening geopolitically, but let's talk about cattle for two seconds here. You know, that chart looks pretty good. The technicians are going to tell you that they've got $1.60 in their mind going forward and if you kind of draw your lines around that you'll be able to see, for October cattle, that's what the technicians are looking for. Also, when the technicians have got all those things laid out like they do, if a market is rallying in the face of a stronger dollar, a stronger dollar is going to make your product more expensive abroad. That means that it's a pretty good, strong rally if that's the case. So, that's another thing to keep in mind."
Chicago Dec Wheat prices closed yesterday dn 4 at 510 ½
Dec Corn was dn 8 ½ at 356 ½
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-90 to 6-18 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 6 ranging from 6-21 ¼ to 6-36 ¼ DNS wheat with 14 % protein, prices for Sept were dn 7 ½ ranging from 6-57 ½ to 6-67 ½
Live Cattle for Oct were up $.22 ½ at 113.62 ½ Oct Feeder cattle are up $.32 ½ to 158.20 Sept Class III milk was unch cents at 16.11
