Marketline Report for Monday, October 28th
This is Bob Larson with the Market Line Report for Monday, Oct 28th. Cattle moves higher on the expectation of a bullish Cattle On Feed Report. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Cattle was on the rise. That bullish on feed report is expected even though it’s not as huge as we thought, it’s still pushing the market higher, well over the expectation of the objective which was $114. We’re almost at $116 right now. I think the gains are just continuing and being well above the support numbers, we’re not sure how high it can go. But, the USDA, when the actual numbers come out, it will dictate the direction coming next week when we open on Monday. But, watch out because we’re moving into the end of October and it’s very possible we could get a surge all the way up, but we know it’s due for a correction so everybody’s got to be careful a little bit.”
Chicago Dec Wheat prices closed yesterday up 1 ¾ at 516 ¼
Dec Corn was unch at 387 ¾
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day dn 1 ranging from 6-00 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 3 ¼ ranging from 5-77 ¾ to 5-87 ¾ DNS wheat with 14 % protein, prices for Oct were dn 3 ¼ ranging from 6-56 ¾ to 6-76 ¾
Live Cattle for Oct were up $1.55 to 112.10 Oct Feeder cattle are up $.47 ½ to 145.72 ½ Oct Class III milk was unch cents at 18.67
