Marketline Report for Tuesday, October 22nd

Marketline Report for Tuesday, October 22nd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Oct 22nd. Grain traders keep a wary eye on the boost in soybean trading. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “We’ve had a decent rally. We’ve come back, you know, almost a dollar as of late, but we still have some decent resistance levels above. But, I would say the most important thing I’ve seen is that the managed money, or the funds, they’re long beans and, as well, are the smaller traders, they’re also long beans. Now, to have them both long at the same time is a pretty rare occurrence. And, why does that throw up at least red flags, or yellow caution flags at least, maybe not red, is that everybody now is looking for the market to go in one direction and that’s kind of hard to do because who’s going to be the new buyer that comes to market when everybody else is already long. So, you could actually get some bullish news that’s going to slow this thing down and not give you what you want because we need to have new buyers have a good reason to come into the market. So, be careful about that. That’s a rare occurrence and that’s something to keep an eye on.”

Chicago Dec Wheat prices closed yesterday dn 8 ¾ at 524 ¼

Dec Corn was dn 3 ¾ at 387

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day up 5 ranging from 6-03 to 6-10 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 8 ¼ ranging from 5-80 ½ to 5-90 ½ DNS wheat with 14 % protein, prices for Oct were dn 6 ¾ ranging from 6-57 ¾ to 6-77 ¾

Live Cattle for Oct were up $.47 ½ to 111.05 Oct Feeder cattle are dn $.07 ½ to 143.47 ½ Oct Class III milk was up .03 cents at 18.66

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