Hogs Tanking

This is Matt Rice with the Market Line Report for Oct 5th. The hog market setting some record lows due to oversupply and under demand. Let's go to Scott Shellady to hear more from the floor of the CME in Chicago.

Shellady "Let's talk about hogs, when you look at that chart it doesn't look good at all. I know some hog farmers myself, and things are kind of tuff right now and you know we had farming set record highs in 2012 and record lows in 2016. Let's talk about supply first, the numbers we just got about Sept. 1st being the largest numbers on record for that time of year. That's not good, that doesn't bode well number 1. I think the fed rate height rhetoric has been hurting as well."

Chicago March Wheat prices closed yesterday dn ¼, at 416. March corn ended the day up 2 ½, at 358 ¼. Portland prices for soft white wheat of Ordinary Protein for Jan. ended the day dn 7 ¼ -3, ranging from 4-87 to 4-90. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were dn 14- 4, ranging from 4-78 to 4-93. DNS wheat with 14 % protein, prices for Jan. were up 6 ½ -16 ½, ranging from 6-23 to 6-38. Feb. Live Cattle were rebounding today up $2.77 1/2, to finish the day at 103.02 ½. Jan. Feeder cattle also up, trading $4.22 ½ higher, to close the day at 119.85. Nov. class III milk was dn 17 cents at 15-27.