Marketline Report for Wednesday, October 2nd
This is Bob Larson with the Market Line Report for Wednesday, Oct 2nd. In the grain market, corn rallies off its bottom. From the floor of the CME in Chicago, here’s Scott Shellady.
SHELLADY … “Finally, a little bit of good news. The USDA’s come to the rescue of the corn market in a small way, good rally, things are looking a little bit better there here in the short-term. We’ve seen some decent moves to the upside. That’s got the technicians looking at filling the gap. That gap that we’ve been talking about was between $3.88 and $3.93 in December corn. We’re almost there. We’ll see if we fill that by the end of the session. That’s going to be something everybody’s looking at. Then above that, I’m sure you’re going to have producers that want to sell corn at $4.00 so that’ll be another big sticking number, but kind of keep those things in mind. Well, we’ve rallied .40 cents off the lows here. That’s going to be something also to keep in mind because I think a large part of that was a little bit of speculative buying, but also we had the funds, the managed money, they were short, so they’ve kind of cannibalized themselves on the way out. I’ve talked about that a lot.”
Chicago Dec Wheat prices closed yesterday up 3 at 497 ¼
Dec Corn was up 4 ½ at 391 ¼
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 5-88 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 3 ½ ranging from 5-61 ½ to 5-71 ½ DNS wheat with 14 % protein, prices for Oct were dn 11 ½ ranging from 6-23 to 6-53
Live Cattle for Oct were up $.05 at 104.85 Oct Feeder cattle are dn $1.42 ½ to 140.90 Oct Class III milk was up .19 cents at 18.28
