Marketline Report for Tuesday, October 15th

Marketline Report for Tuesday, October 15th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Oct 15th. The cattle remains strong in the wake of the potential trade deal with China. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Cattle was a little bit higher. That follow-through buying, it did lift the futures. It seems that they started kind of steady and then gained a little bit of momentum. The technical objective was 1.14. After that, who really knows has that big resistance level? Time will tell. But, the strong markets are definitely in for good for the short-term. So, we’re going to be watching that. Feeders also surged higher. The rise in cash trade did underpin that rally and we know that funds have been coming into the complex completely taking a longer position. That’s really pushing the market up so the uptrend is definitely intact. That’s a driving force here. The trade promises that exports will increase, but until the ink is dry we really don’t know for sure. But, still there is a positive overview right now.”

Chicago Dec Wheat prices closed yesterday up 3 at 511

Dec Corn was dn 1 at 397 ¼

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 6-00 to 6-03 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 6 ¼ ranging from 5-80 ¾ to 5-85 ¾ DNS wheat with 14 % protein, prices for Oct were up 3 ranging from 6-41 to 6-71

Live Cattle for Oct were up $1.17 ½ at 110.65 Oct Feeder cattle are up $1.45 to 145.52 ½ Oct Class III milk was dn .03 cents at 18.61

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