Marketline Report for Thursday, October 25th
This is Bob Larson with the Market Line Report for Thursday, Oct 25th. Wheat takes a beating on the national market. From the floor of the CME in Chicago, here's Virginia McGathey.
McGathey ... "Now, wheat is the one that really broke down hard. The demand is just weaker and weaker and it broke through that $5 benchmark for the Dec contract. It actually got down to $4.96. Interestingly enough though, there were some bargain hunters stepping in to buy and they closed at $5-and-one-quarter-cent, so just above that $5 mark. I'm not sure if that can hold, but we're going to watch that closely. The export demand were weaker and I think that with that little recovery just lets you know that people are kind of watching closely, but unless we get more exports or really get this market off the ground I think that we can see all the deferred months start to sink as well."
Chicago Dec Wheat prices closed yesterday dn 9 ½ at 500 ¼
Dec Corn was dn 2 at 368 ¼
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day up 15 ranging from 6-15 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 4 ½ ranging from 6-22 to 6-27 DNS wheat with 14 % protein, prices for Oct were dn 1 ½ ranging from 6-68 ½ to 6-73 ½
Live Cattle for Oct were up $.50 at 113.17 ½ Oct Feeder cattle are dn $.45 to 154.55 Oct Class III milk was up .04 cents at 15.54
