Marketline Report for Monday, October 7th
This is Bob Larson with the Market Line Report for Monday, Oct 7th. The livestock market rebound continues in Friday trading. From the floor of the CME in Chicago, here’s Chris Robinson.
ROBINSON … “It’s been a good 12 days, an impressive rally off contract lows. The number one contract, December fat cattle, live cattle. It has completely recovered its Tyson fire selloff. It got up to that $111-and-change-level, filled that gap, so good technical move. Also, it’s just a great opportunity for producers on about a $13, $14 rally. That’s the type of action, if you’re a long producer, you like to see that type of recovery. Feeder cattle have also come about $15 off its lows. A very good recovery there. People are looking to see if we can extend it and, I guess, the number one thing we’ll be watching is what happens with the price of corn as we head into the next USDA report.”
Chicago Dec Wheat prices closed yesterday up 1 ¾ at 490 ¾
Dec Corn was dn 4 at 385
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 dn 1 ¾ ranging from 5-54 to 5-64 DNS wheat with 14 % protein, prices for Oct were up 6 ½ ranging from 6-26 to 6-56
Live Cattle for Oct were up $.55 at 107.52 ½ Oct Feeder cattle are dn $.37 ½ to 141.95 Oct Class III milk was dn .16 cents at 18.32
