Marketline Report for Tuesday, September 19th
McGathey ... "Today, the cattle market actually firmed up. It bumped up from cash prices and really got a lift today although we've been staying in a very tight channel. The market is still looking for direction, but if we can get a "tell" from the direction, let's look at the feeders. The feeders today were up again for the eighth day in a row, so optimism is really fueling some of the buyer here and it continues to support some of the rally in the futures. That really looks well. It seems to me that a lot of traders are expecting that once we do get some fundamental news we know which way the direction they expect the market to go."
Chicago Dec Wheat prices closed yesterday dn 5 ½ at 442 ¾
December corn was dn 3 ¼ at 351 ½
Portland prices for soft white wheat of Ordinary Protein for October ended the day dn 1 ½ ranging from 5-18 ½ to 5-32 Hard Red Winter wheat with 11 ½ % protein, prices for September were up 6 ¼ ranging from 5-42 ¼ to 5-72 ¼ DNS wheat with 14 % protein, prices for September were up ¾ ranging from 7-12 ¼ to 7-32 ¼
Live Cattle for Oct were dn $.17 ½ at 107.72 ½ Sept Feeder cattle are up $.57 ½ to 150.82 ½ Sept Class III milk was up .02 cents at 16.25