Marketline Report for Monday, November 8th
This is Bob Larson with the Market Line Report for Monday, November 8th. The cattle market showed gains ending the week on Friday. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Cattle was higher. The fundamentals are still bullish. The cash traded was somewhat limited though, perhaps keep the market from really going any higher. But, the futures are still push outside that channel from those prices that we started in late August. The feeders did firm up too, but the trade is relatively consolidated and perhaps the feeders is actually holding back the live cattle market from rallying any further. It seems that feedlot managers are holding out on the packers because we know that they need some cattle, so they’re hoping to get a little bit better margins. But, right now trade seems to be sideways at best.”
Chicago Dec Wheat prices closed yesterday dn 7 ¼ at 767 ¾
Dec Corn was dn 6 ¼ at 552 ¾
Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 10-25 to 11-50 Hard Red Winter wheat with 11 ½ % protein, prices for Nov were dn 7 ¼ ranging from 9-03 ¾ to 9-58 ¾ DNS wheat with 14 % protein, prices for Nov were dn 6 ranging from 10-79 ¼ to 11-17 ¼
Live Cattle for Dec were up $1.17 ½ at 131.70 Nov Feeder cattle are up $.85 to 158.85 Nov Class III milk was dn .09 cents at 17.79
