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Bob Larson Marketline Report for Tuesday, October 23rd
by Bob Larson, click here for bio

Program: Market Line
Date: October 23, 2018

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This is Bob Larson with the Market Line Report for Tuesday, Oct 23rd. Prices are up in Monday trading with fewer cattle on feed. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Cattle was rising. The fewer cattle on feed in the feed lots really gave the market a little bit of a pop. Traders were surprised about that cattle on feed report and it was helping give the market a little bit of direction. That 5% below last year, I think was significant enough to give the market a little bit of a boost. Feeders also rallied. The USDA surprise sparked this rebound and it really needed it. The futures reacted in a very strong way, but perhaps that’s because the market had been in a decline for three weeks since October 1st and it could have been a little bit overcooked. So, a surprise bullish news out of the report really spurred a lot of bargain hunters to step in and buy.”

Chicago Dec Wheat prices closed yesterday dn 6 ¾ at 508 ½

Dec Corn was up 2 ½ at 369 ½

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 8 ½ ranging from 6-17 ¾ to 6-37 ¾ DNS wheat with 14 % protein, prices for Oct were dn 3 ¼ ranging from 6-70 ½ to 6-80 ½

Live Cattle for Oct were up $.55 at 112.82 ½ Oct Feeder cattle are up $1.00 to 155.65 Oct Class III milk was dn .02 cents at 15.53

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