Marketline Report for Monday, November 4th
This is Bob Larson with the Market Line Report for Monday, Nov 4th. New month, new highs for the cattle market in Friday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Today in the livestock market, cattle hit another new high. Strong beef prices are underpinning those futures. It’s really full steam ahead. Profit taking did ensue yesterday which was the end of the month October, but now we’re back on the rise. Beef values are strong and really leading the charge, regardless of seasonally this would be a slowdown month. Now, feeders also surged. They’re following in lock-step right now. The question now is when is the correction? There’s concern that a quick one is looming and that could really mean that the market, the higher it goes, the further it has to fall.”
Chicago Dec Wheat prices closed yesterday up 7 ¼ at 514 ¾
Dec Corn was dn ¾ at 388 ½
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-95 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were up 6 ¼ ranging from 5-88 to 5-96 DNS wheat with 14 % protein, prices for Oct were up 7 ¼ ranging from 6-55 ¼ to 7-01 ¼
Live Cattle for Dec were up $2.30 to 119.67 ½ Nov Feeder cattle are up $1.52 ½ to 148.90 Nov Class III milk was up .04 cents at 20.15
