Marketline Report for Thursday, November 1st
This is Bob Larson with the Market Line Report for Thursday, Nov 1st. Cattle was up in Wednesday trading thanks in large part to feedlot bids. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The cattle market was up today. Higher bids were in the feedlot country and so the market was kind of moving higher. The futures are hovering right at the low end of the consolidation channel right now, you know, 116.5 is kind of like the low of the channel, but we're about in the 117 area. There was an uptick in the late October demand and that supported the market rising a little bit and we're waiting for more cash trade tomorrow and Friday. That will dictate if we can continue to move forward and will kind of confirm what we're trading today."
Chicago Dec Wheat prices closed yesterday up ¾ at 501 ¼
Dec Corn was dn 1 ½ at 363 ¼
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day dn 5 ranging from 6-10 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 1 ½ ranging from 6-18 ¼ to 6-23 ¼ DNS wheat with 14 % protein, prices for Oct were dn 2 ¼ ranging from 6-59 ¼ to 6-64 ¼
Live Cattle for Oct were up $1.95 at 116.00 Nov Feeder cattle are up $1.30 to 153.40 Nov Class III milk was up .02 cents at 14.79
