Marketline Report for Tuesday, October 8th
This is Bob Larson with the Market Line Report for Tuesday, Oct 8th. The livestock market is fairly steady as interest continues in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “After the market actually opened with new highs profit-taking really started to set in and pull back the market and it could be letting you know that the market is really vulnerable to some swings. And, right now, on Monday, the beginning of the week, you know, they are going to be taking a lot of inventory and that kind of like holds the market a little bit steady. But we did know that the front months were a little bit higher and the deferreds were a little bit on the lower side. So, we’re going to watch that closely. Maybe it’s the feeders that’s going to give us the tell because today the feeders were a little bit easier. The futures were just starting to slip somewhat and we see that the feeder cattle market technically has been down the last couple of days, not by a lot, but perhaps the trend is turning and it’s going to bring the live cattle along.”
Chicago Dec Wheat prices closed yesterday dn 1 ¼ at 489 ¾
Dec Corn was up 1 ¼ at 386 ¾
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day up 2 ranging from 5-92 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 3 ¼ ranging from 5-57 ¼ to 5-62 ¼ DNS wheat with 14 % protein, prices for Oct were up 2 ½ ranging from 6-28 ½ to 6-63 ½
Live Cattle for Oct were up $.90 at 108.47 ½ Oct Feeder cattle are dn $.27 ½ to 141.85 Oct Class III milk was up .17 cents at 18.48
