Roller Coaster Livestock Market

Roller Coaster Livestock Market

Matt Rice
Matt Rice
I'm Matt Rice with the Market Line Report for October 2nd. The Livestock market continues to bounce both ways, live cattle and feeder cattle both dropping as we come into October. Oliver Sloup with II Trader, gives us the details from the floor of the CME.

Sloup- "It continues to be a roller coaster in the live cattle and feeder cattle market as we continue to decline here. A lot of opportunities for traders out there, however you have to have a very strong stomach to withstand some of these moves. As October option expiration in the live cattle market, that might provide a little short covering opportunity to play for a bounce. However, you're going to want to manage your risks very carefully if you've been watching this market you know the swings have been very large, very vast, and very volatile. "

Chicago December Wheat ended yesterday up 5 1/2, at 518 3/4. December corn ended the day up 1, at 388 1/2. Portland prices for soft white wheat of ordinary protein for October, were steady around 5-53 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for October were steady at 6-19 ¼ to 6-34 1/4. DNS wheat with 14 % protein, prices for October were around 6-49 to 6-74 even. October live cattle closed yesterday down $4.50, at 120.17 1/2. October Feeder cattle were down $2.87 1/2, at 175.30. October class III milk was up 8 cents, at 15-56.

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