Marketline Report for Tuesday, October 23rd
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