Livestock Markets Still Dropping

I'm Matt Rice with the Market Line Report for November 6th. We are seeing some red as we look across the board in the livestock market, potentially some new lows in the future. 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 meat market update. It has been a red day across the board, live cattle feeder cattle, really washing out, expanded limits today. We'll see how we close up, but things look really weak here. You are seeing the longs that bought to cover the shorts over the last couple of weeks, re-enter on the short side. We're seeing that happen in a massive fashion, I look for new lows here in the future."

Chicago December Wheat ended yesterday unchanged, at 525 3/4. December corn ended the day down 6, at 374 1/4. Portland prices for soft white wheat of ordinary protein for Nov., were dn 5, ranging from 5-66 ¼ to 5-70 even. Hard Red Winter wheat with 11 ½ % protein, prices for Nov. were down 6 3/4, ranging from 5-91 to 5-96 even. DNS wheat with 14 % protein, prices for Nov. were dn 8, ranging from 6-21 ¼ to 6-66 1/4. Dec. live cattle closed yesterday down $2.12 1/2, at 135.10. Nov. Feeder cattle were down $3.95, at 182.20. Nov. class III milk was up 22 cents, at 15-64.