Marketline Report for Wednesday, October 9th
This is Bob Larson with the Market Line Report for Wednesday, Oct 9th. Markets likely to be up and down ahead of Thursday’s USDA report. From the floor of the CME in Chicago, here’s Scott Shellady.
SHELLADY … “Let’s talk about corn for the moment. Been out in the fields speaking to some of the farmers, the producers, and I guess what we really have to worry about right now is the fact that we’ve got a USDA report on Thursday, I believe it is. That’s going to be what we’re all looking towards, and when that’s the case things can a little dicey, a little choppy, right? I would say that we’ve seen some weather stories that have made things look maybe a little bit colder sooner than later. That’s got some people kind of either getting speculatively long or covering shorts. Maybe we’ve got some managed money maybe taking some stuff off going into these reports. So, when things get quiet, and we’ve got a report around the corner, it’s not too crazy to think that things could get volatile and or choppy. We’re up on the day here, but I just believe that’s been kind of swayed more by that cold, negative temperatures that’s kind of helped things along that way.”
Chicago Dec Wheat prices closed yesterday up 11 at 500 ½
Dec Corn was up 8 ¾ at 395
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-90 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 8 ranging from 5-65 ¼ to 5-70 ¼ DNS wheat with 14 % protein, prices for Oct were up 5 ranging from 6-33 ½ to 6-78 ½
Live Cattle for Oct were dn $.07 ½ at 108.07 ½ Oct Feeder cattle are up $.32 ½ to 142.22 ½ Oct Class III milk was up .14 cents at 18.62
