Marketline Report for Thursday, October 11th
McGATHEY ... "Today, cattle was lower. We saw a new low that we haven't seen since the middle of September. I think September 16th was the number and we really broke out of the channel that we have been kind of like staying in over the past month to the downside. And, we were consolidating for a long time and the market was really show some strength, but it seems like we need a little bit more fundamental news to get our footing and maybe give us a little bit of direction on the upside. Traders are just kind of giving up a little bit for now. We're watching it closely. We're certainly watching the grain report that's going to be coming up tomorrow. That may a little bit of an effect, but interestingly enough it hasn't as much as we expected."
Chicago Dec Wheat prices closed yesterday dn 4 ½ at 510 ¼
Dec Corn was dn 1 ¾ at 362
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 dn 3 ¼ ranging from 6-26 ¼ to 6-46 ¼ DNS wheat with 14 % protein, prices for Oct were dn 1 ¾ ranging from 6-76 ¾ to 6-86 ¾
Live Cattle for Oct were dn $1.27 ½ at 112.35 Oct Feeder cattle are dn $1.05 to 155.90 Oct Class III milk was dn .04 cents at 15.76