Marketline Report for Friday, November 1st

Marketline Report for Friday, November 1st

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Friday, Nov 1st. Corn volatility increases ahead of the next USDA report. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “The first thing that comes to my mind when I speak about corn is how this market’s shaping up towards November the 8th, the USDA report. Why do I bring that up? If I’m talking to young traders, and I’ve been doing this over 30-years, we’re going to start seeing the volumes get thinner and thinner as we see folks either consolidate or, at least, entrench their positions or maybe get out of their positions. What that does with less and less volume and those types of trades happening it gets a little bit more volatile. So, that’s something you kind of have to be mindful of. Now, if you like volatility, I kind of like volatility, but as you get closer and closer to those days you’re either going to be really right or really wrong if you’re trying to trade it on a day to day basis because of the volatility, so you need to be kind of taking care.”

Chicago Dec Wheat prices closed yesterday dn ½ at 501

Dec Corn was dn ¾ at 389 ¾

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day dn 5 ranging from 5-95 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 1 ½ ranging from 5-79 ¾ to 5-84 ¾ DNS wheat with 14 % protein, prices for Oct were up ½ ranging from 6-44 to 6-64

Live Cattle for Oct were dn $1.70 to 111.67 ½ Oct Feeder cattle are dn $.07 ½ to 146.05 Nov Class III milk was dn .09 cents at 20.12

Previous ReportMarketline Report for Thursday, October 31st
Next ReportMarketline Report for Monday, November 4th