Gloomy Cattle Market

I'm Matt Rice with the Market Line Report for Friday October 16th. Both live and feeder cattle looking dim as the livestock prices trade lower across the board today. Oliver Sloup shares his thoughts from the floor of the CME with II Trader.

Sloup- "Happy Thursday to you from the floor of the CME, here in Chicago I'm Oliver Sloup with II Trader and your meat market update. Looks a little gloomy for any bulls out there still alive in this cattle market. Looking at the live cattle and the feeder cattle, both trading lower today. Likely long liquidation from people that caught that move higher over the last couple of weeks. I do think there is a little more upside potential."

Chicago December Wheat ended yesterday down 5 3/4, at 502 1/2. December corn ended yesterday down 3 1/2, at 375 1/2. Portland prices for soft white wheat of ordinary protein for October, were down 5 ¾, ranging from 5-32 1/2 to 5-59 even. Hard Red Winter wheat with 11½ % protein prices for October were down 4 1/2, ranging from 6-06 1/4 to 6-16 1/4. DNS wheat with 14 % protein, prices for October were down 2 1/2, ranging from 6-38 1/2 to 6-63 1/2. October live cattle closed yesterday down 70 cents, at 133.05. October Feeder cattle were down 85 cents, at 189.95. October class III milk was down 6 cents, at 15-59.