Marketline Report for Wednesday, October 30th
This is Bob Larson with the Market Line Report for Wednesday, Oct 30th. Binary risk posed by China makes navigating the market difficult. From the floor of the CME in Chicago, here’s Scott Shellady.
SHELLADY … “Let’s talk about lean hogs for a second. They’ve kind of come back to the forefront, because China has come back to the forefront. We’ve had some more tweets and some more speculation on whether we’re going to have Phase One of that deal done. And, all I really have to say about the whole thing is this, we’re constantly expected to trade a binary outcome. And, what I mean by that is it’s a flip of a coin, right? It’s on or it’s off. It’s up or it’s down. These types of things are very, very difficult and, for young traders out there, you’ll get to know the fact that when you have a binary outcome that you’re trying to trade, you either have the position on and make money because it went your way or you lost money because it went your way. It’s going to be very difficult to get on board those trades when the news finally comes out.”
Chicago Dec Wheat prices closed yesterday dn ¼ at 511 ½
Dec Corn was up 2 ¼ at 386 ¼
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 5-79 to 5-84 DNS wheat with 14 % protein, prices for Oct were dn 2 ranging from 6-45 ¾ to 6-65 ¾
Live Cattle for Oct were up $.47 ½ to 112.80 Oct Feeder cattle are up $.02 ½ to 145.45 Oct Class III milk was unch cents at 18.67
