Marketline Report for Thursday, October 31st
This is Bob Larson with the Market Line Report for Thursday, Oct 31st. The livestock market looks for a little direction in Wednesday trading. From Blue Line Futures trading in Chicago, here’s Oliver Sloup.
SLOUP … “A little more direction. We sold off a little bit on the open, but there’s been buyers ready, willing and able to step in on any sort of a pullback we’ve had, really over the past two months. It’s been an uninterrupted rally which has taken futures into overbought territory. Now, a lot of times you think “overbought” means that we need to see a retracement and that’s kind of where we’ve been especially after such a strong rally, but we’ve been overbought for the better part of the last two weeks and we’ve seen the cash market continue to stabilize offering support to the futures market. So, those two are working hand in hand. If we were to see cash, maybe, steady out here over the next couple of weeks, I wouldn’t be surprised to see that put a halt to the rally. You start to see funds capitalizing on the recent long position and providing a little bit of a healthy pullback.”
Chicago Dec Wheat prices closed yesterday dn 2 ¼ at 509 ¾
Dec Corn was up 4 ½ at 390 ½
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 dn ¾ ranging from 5-78 ¼ to 5-83 ¼ DNS wheat with 14 % protein, prices for Oct were dn 2 ¼ ranging from 6-43 ½ to 6-63 ½
Live Cattle for Oct were up $.02 ½ to 113.00 Oct Feeder cattle are up $.60 to 146.02 ½ Nov Class III milk was up .29 cents at 20.15
