Marketline Report for Tuesday, October 2nd
This is Bob Larson with the Market Line Report for Tuesday, Oct 2nd. U.S. Trade deals give the commodity markets a boost Monday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The live cattle market was really climbing. The trade deal really lifted these futures, finally. Commercial buying stepped in to the futures support and it seemed like the beef futures are really the highest that they've been in maybe 10 years. It looks like that the demand is really on the rise right now. We're expecting that there's going to be a lot more on the horizon. Now, today is the first day of the fourth quarter of this year and it's starting to really look good. Now, the feeder cattle also spiked up. There has been a little bit of a sell-off once we got into those higher numbers and that's because, I think, some of the grain markets coming up and there's a little concern that perhaps the feed will get a little bit more expensive."
Chicago Dec Wheat prices closed yesterday up ½ at 510 ¾
Dec Corn was up 9 ½ at 365 ¾
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up ¼ ranging from 6-21 ½ to 6-41 ½ DNS wheat with 14 % protein, prices for Oct were up 9 ¾ ranging from 6-62 ¼ to 6-72 ¼
Live Cattle for Oct were up $.22 ½ at 113.90 Oct Feeder cattle are up $.47 ½ to 158.87 ½ Oct Class III milk was up .11 cents at 15.91
