Marketline Report for Monday, October 19th

This is Bob Larson with the Market Line Report for Monday, Oct 19th. Live cattle drops as COVID concerns mount. From the floor of the CME in Chicago, here’s Virginia McGathey .

McGATHEY … “Today in the livestock market, cattle did drop hard. I think that COVID-19 worries are starting to mount and traders are concerned. The markets really dropped $5 in the last week and that just tells us that there is some major concerns that the economies are not going to be opening up and it looks like it’s going to be very difficult to find some support. Now, with the electronic market moving and gaining momentum to the downside. It’s difficult to find some underlying support anywhere, really, at this point. Looking to the feeders, maybe that isn’t dropping quite as hard, and it’s fast, so maybe that’s a small indicator, but it did fall as well.”

Chicago Dec Wheat prices closed yesterday up 07 at 625 ¼

Dec Corn was unch at 404 ½

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 5-75 to 5-85 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up ¾ ranging from 7-03 ¾ to 7-13 ¾ DNS wheat with 14 % protein, prices for Oct were up 01 ranging from 6-75 ¾ to 6-93 ¾

Live Cattle for Oct were dn $.62 ½ at 107.15 Oct Feeder cattle are dn $.82 ½ to 138.10 Oct Class III milk was up .06 cents at 21.38