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Bob Larson Marketline Report for Tuesday, November 6th
by Bob Larson, click here for bio

Program: Market Line
Date: November 06, 2018

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This is Bob Larson with the Market Line Report for Tuesday, Nov 6th. The cattle market drops while awaiting election results Monday. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Today, cattle had a sharp drop and it was huge liquidations, a lot of traders, non-commercials, coming in and getting rid of their positions. Everyone’s worried about the elections tomorrow. The beef cutouts were also on the decline. That really started the market pushing much lower. They were reducing the long positions. No one know exactly what’s going to happen with these markets. With the electronic trade the way it is and with the election coming up, things, a lot of volatility is in the air. But, we finally broke out of the channel to the downside in the live cattle which I think kind of scared a lot of traders.”

Chicago Dec Wheat prices closed yesterday dn 1 ½ at 506 ¼

Dec Corn was up 2 ¾ at 374

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day up 7 ranging from 6-22 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 15 ½ ranging from 6-44 ¾ to 6-64 ¾ DNS wheat with 14 % protein, prices for Nov were up 11 ranging from 6-81 ½ to 6-91 ½

Live Cattle for Dec were dn $1.75 at 115.55 Nov Feeder cattle are dn $3.00 to 149.62 ½ Nov Class III milk was dn .08 cents at 14.70

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