Marketline Report for Friday, October 5th
This is Bob Larson with the Market Line Report for Friday, Oct 5th. Cattle is in a position for a set back in Thursday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "First factor for the market today is that December cattle is holding a big premium to the cash market. Cash market trades $111 this week and a little bit last week's similar prices levels. So, that December holding that big premium, it's difficult to find bullish enough news to keep the market in an up-trend. Second factor is an extreme overbought reading from the technical indicators. The market's also in a position to see a key weekly closing price reversal if we close lower on the week this week after making a contract high."
Chicago Dec Wheat prices closed yesterday up 2 ¾ at 517 ¾
Dec Corn was dup 2 ¾ at 368
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 3 ½ ranging from 6-32 ¼ to 6-52 ¼ DNS wheat with 14 % protein, prices for Oct were unch ranging from 6-74 ¾ to 6-84 ¾
Live Cattle for Oct were up $.42 ½ at 113.67 ½ Oct Feeder cattle are dn $.90 to 156.95 Oct Class III milk was up .04 cents at 15.85
