Election Day Markets

This is Matt Rice with the Market Line Report for Tuesday November 8th, 2016. Cattle lower across the board after yesterday's market came to a close. Producers patiently waiting to see what kind of effect the presidential election will have on today's markets. Let's check in with Virginia McGathey, from the floor of the CME to hear more on the livestock market.

MacGathey "Today cattle were lower again with more profit taking and kind of some over flow selling from last Friday. The market continued to move a little bit lower and a little bit further than we expected. We knew it was vulnerable for a little bit of a pull back, right now it broke through the 20 day moving average. So we're a little concerned how far it's going to go."

Chicago May Wheat prices closed yesterday dn 3 ¼, at 443 ¾. May corn ended the day dn 2, at 362 ¾. Portland prices for soft white wheat of Ordinary Protein for March ended the day dn 4 ¼, ranging from 4-67 ¾ to 4-92 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 2, ranging from 5-02 ¾ to 5-17 ¾. DNS wheat with 14 % protein, prices for March were dn 3 ½, ranging from 6-14 ¾ to 6-19 ¾. April Live Cattle were dn $1.20, at 102.90. March Feeder cattle were dn $1.50, at 113.60. Jan. class III milk was up 14 cents at 16-06.