Marketline Report for Wednesday, October 23rd

Marketline Report for Wednesday, October 23rd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Oct 23rd. The livestock market continues to be led by the hogs in Tuesday trading. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “I still like coming back to this hog story. It’s shaping up to be a little bit, well, more and more interesting every day. How’s that sound? So, I’m going to make it as simple as I possibly can. We’ve got this flag formation, or pennant formation, and we’ve seen king of very light volumes down here and when I don’t get really good, say, fundamental news, I do like to go to the technical because that’s going to be another tell about what we thinks going to be happening. And, in the lean hog, the front month lean hogs, say Dec lean hogs, we’ve got a nice little pennant or flag formation that tells me that hey, we might be looking to make a breakout move here sometime soon.”

Chicago Dec Wheat prices closed yesterday dn 5 ½ at 517 ½

Dec Corn was up ¾ at 388 ¼

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day dn 2 ranging from 6-03 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 4 ¼ ranging from 5-76 ¼ to 5-86 ¼ DNS wheat with 14 % protein, prices for Oct were up 1 ¼ ranging from 6-59 to 6-79

Live Cattle for Oct were dn $1.07 ½ to 109.95 Oct Feeder cattle are up $.27 ½ to 143.60 Oct Class III milk was dn .01 cents at 18.65

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