Marketline Report for Wednesday, October 10th
This is Bob Larson with the Market Line Report for Wednesday, Oct 10th. An oversupply drags down the cattle market in Tuesday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "Problem is, beef prices are sitting at the lowest level of the year so far. So, a little bit of a sluggish tone in the beef market. Production is expected to be up from the third quarter and up from a year ago into the fourth quarter. These are negatives for the cash price. Third factor for the market is extreme overbought technical condition of the market, a weekly key reversal last week and managed money fund traders are holding a net-long position of 84-thousand contracts. This leaves the market vulnerable to increased selling if support levels are violated."
Chicago Dec Wheat prices closed yesterday up 1 at 516
Dec Corn was dn 2 at 364 ¾
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 2 ranging from 6-29 ½ to 6-49 ½ DNS wheat with 14 % protein, prices for Oct were up 4 ¼ ranging from 6-78 ½ to 6-88 ½
Live Cattle for Oct were dn $.82 ½ at 113.50 Oct Feeder cattle are dn $.72 ½ to 156.97 ½ Oct Class III milk was dn .04 cents at 15.80
