Marketline Report for Friday, October 4th

Marketline Report for Friday, October 4th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Friday, Oct 4th. A quiet day in the hog market continues to rally the protein complex Thursday. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “Well, even though I’m the cow guy, every now and again I talk about lean hogs, and let’s do that today. Boy, wasn’t it interesting to see these technicians at work. That trend line, well we went up and kissed it and it’s, it’s held. We’ve backed off. We’re going to need some more fuel, more gas in the tank to kind of get us to get up through that level and kind of breach it as resistance and I say that because a lot of times you’ll see the old, or hear the old traders say, “you need to feed the bull every day,” well that’s the case here, right? You need, on quiet days or days you don’t have any new news, you’re going to have to have something there to feed those bulls or folks start to back off, maybe take some profits or, we’ll notice that we did kiss that trend line and kind of sell off a little bit.”

Chicago Dec Wheat prices closed yesterday dn ¼ at 488 ¾

Dec Corn was up 1 at 388 ¼

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 5-85 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were unch ranging from 5-55 ¾ to 5-65 ¾ DNS wheat with 14 % protein, prices for Oct were unch ranging from 6-19 ½ to 6-49 ½

Live Cattle for Oct were up $.75 at 106.90 Oct Feeder cattle are up $.27 ½ to 142.45 Oct Class III milk was up .11 cents at 18.47

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