Livestock Market is Moving Lower

I'm Tom Allen with the Market Line Report for October 28th. Todd Horwitz indicates that the livestock market is moving lower. Todd gives you his livestock intelligence report from the floor of the CME.

Horwitz - "Tuesdays livestock saw a sell over across the board. Pretty ugly but it kind of back lashes the way we have seen stronger prices in the cattle market both live and feeder and weaker prices in the hog market. I don't understand what has changed in the development. I think we stick to the plan and stay the course that has worked so well here. If you look at feeder cattle 1.90 has been a great level to sell again. We look at that backwardation formula or formation and prices are going to start coming down. Live cattle the same thing. In fact Live cattle next June is substantially lower than it is right here."

Chicago December Wheat ended yesterday up 2, at 507 1/2. December corn ended the day down 4 1/2, at 379 1/2.

Portland prices for soft white wheat of ordinary protein for December, were up up 0.25-6.00, at mostly 5.5925-5.6500. Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 4.25, at 5.9300-6.0800. DNS wheat with 14 % protein, prices for December were dn 4.75 at 6.3075-6.6575. October live cattle closed yesterday down $1.05, at 138.50 1/2. October Feeder cattle were down $.47 1/2, at 193.20. October class III milk was up 1 cents, at 15-47.