Marketline Report for Thursday, October 24th

Marketline Report for Thursday, October 24th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Thursday, Oct 24th. The latest USDA report gives the livestock market a boost on Wednesday. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Cattle was higher. That bullish USDA report said that cold storage was down about 2% from last month, 4% from a year ago. It gave the market a little bit of a lift. And, what it did is it pushed it right out of the consolidation channel that it had been in for about the last week. It did make new highs so I guess you could say that the uptrend is still intact, but right now the market looks pretty good. Feeders also on the rise. We’re focusing on Friday’s cattle on feed report. Despite the production increases, the futures did rally and it seems and it seems that the beef inventory was down about 3% from over the last five years. So, those kind of numbers lend itself to underpinning kind of support to this rally right now.”

Chicago Dec Wheat prices closed yesterday up 2 ¾ at 521 ½

Dec Corn was dn ¼ at 388 ¾

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 2 ranging from 5-78 ¼ to 5-88 ¼ DNS wheat with 14 % protein, prices for Oct were up 3 ¼ ranging from 6-62 ¼ to 6-82 ¼

Live Cattle for Oct were up $.32 ½ to 110.20 Oct Feeder cattle are up $1.32 ½ to 145.05 Oct Class III milk was unch cents at 18.65

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