Marketline Report for Thursday, October 3rd
This is Bob Larson with the Market Line Report for Thursday, Oct 3rd. Cattle remain steady but higher in Wednesday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Cattle was higher, holding inside that current channel after the market moved up. There has been some relief from the downturn in grains that’s really helping push these futures a little bit higher and it’s solidly holding its gains from the past three weeks. So, that looks pretty good even though we’re consolidating a little bit here. I think that that bodes well for the market across the board. As we look at feeders, they also rise. The tight supplies are expected for the rest of the year and I think the cash markets and feed lot pop in the asking price also offers a little bit more underlying support and that is going to keep this market afloat right now.”
Chicago Dec Wheat prices closed yesterday dn 9 ¾ at 488 ¼
Dec Corn was dn 4 ¾ at 387 ½
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day dn 5 ranging from 5-85 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 5 ¾ ranging from 5-55 ¾ to 5-65 ¾ DNS wheat with 14 % protein, prices for Oct were dn 3 ½ ranging from 6-19 ½ to 6-49 ½
Live Cattle for Oct were up $1.42 ½ at 106.25 Oct Feeder cattle are up $1.10 to 142.42 ½ Oct Class III milk was up .13 cents at 18.41
