Midweek Market Line Commodity Report
McGathey…”Cattle was a little bit lower. I think that's low cash trade just had the market start to get a little bit soft. But you know what's happened is that the more that we move sideways, the harder it was for this market to push through its resistance numbers. Now, we've been on a rally for quite some time right now, so of course it's going to need more and more better headlines to get the market continue going higher, but watching what feeders did today, the feeders did fall. The market correction seems to have begun and definitely it's going to lead the live cattle market a little bit lower as well. “
Live Cattle futures closed the day down $1.02 1/2 to $119.52 1/2 on the December board. Jan Feeder Cattle were down $2 to $140.37 1/2.
Portland prices for soft white wheat of ordinary protein ended the day up $0.05 cents ranging from $5.90 to $5.95. Hard Red Winter wheat with 11 ½ % protein up $.02 3/4 with Dec ranging from $5.70 1/4 to $6.00 ¼. Dark Northern Spring wheat prices for Dec were up $0.02 ¼ ranging from $6.26 1/4 to $6.81 1/4 for 14% protein. Club Wheat of Ordinary Protein for Dec ranged from unchanged to up $0.10 with bids coming in as high as $7.40.