Marketline Report for Tuesday, November 5th

Marketline Report for Tuesday, November 5th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Nov 5th. Cash trade pushed the cattle market higher again in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Today in the livestock market, we saw the cattle with another high. That strong cash trade just is driving the market up, definitely happening on Friday. We’ve had overflow buying today. I think that more follow through is making this high beyond what anyone had expected. The futures are definitely overbought and they’ve been overbought all of October, “the Trend is Your Friend” without a doubt. Feeders were mixed today. Now, the demand says buy, but the technical say sell. Certainly, the correction will come, but not today. There’s no surprise that when a momentum like this takes over we know that the electronic market is in play right now pushing it higher.”

Chicago Dec Wheat prices closed yesterday dn 6 ¼ at 510 ¼

Dec Corn was dn 6 at 383 ¾

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 dn 3 ranging from 5-85 to 5-93 DNS wheat with 14 % protein, prices for Oct were dn 7 ranging from 6-48 ¼ to 6-94 ¼

Live Cattle for Dec were up $.55 to 120.17 ½ Nov Feeder cattle are dn $.05 to 149.27 ½ Nov Class III milk was dn .02 cents at 20.17

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