Marketlilne Report for Monday, November 11th

Marketlilne Report for Monday, November 11th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Monday, Nov 11th. Live cattle firms up on uptick in cash trade Friday. From the floor of the CME in Chicago, here’s

Virginia McGathey.

McGATHEY … “Today in the livestock market, the cattle was firm. Let’s face it, the markets have been waiting for the crop report to come out at 11 o’clock Chicago time. Once that thing happened, it really had no effect and it allowed the futures to climb yet again. We’re still in this consolidation stage and the market still stands. The correction has not begun. We really feel that at some point it’s going to happen, but not yet. Feeders were a little bit steady and then started to get weaker. I think that strong wholesale beef values really were underpinning the market a little bit, but it’s hovering over those technical numbers and a breakout either way, on the high side or the low side, will definitely dictate which direction the market is going to go. It’ll be very significant.”

Chicago Dec Wheat prices closed yesterday dn 2 ¼ at 509 ¾

Dec Corn was up 23 at 376 ½

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 5-95 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 3 ¼ ranging from 5-81 ½ to 5-91 ½ DNS wheat with 14 % protein, prices for Nov were dn ¼ ranging from 6-58 ½ to 6-88 ½ Club Wheat of Ordinary Protein for Nov were dn 5 ranging from 5-95 to 7-70

Live Cattle for Dec were up $.25 to 119.30 Nov Feeder cattle are up $.22 ½ to 147.25 Nov Class III milk was up .10 cents at 20.05

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