The Grain Market is Showing Potential

The Grain Market is Showing Potential

Tommy Allen
Tommy Allen
This is Tom Allen with the Market Line Report for October 8thth. The grain market is showing potential. Todd Horwitz from the floor of the CME gives some trading advice to producers.

Horwitz- "Every opportunity now has to be looked as a buying opportunity. Now I'm going to say this, I don't really care what the report comes out to on Friday is. I still think that we are looking to be buyers. Now, if you think that you are going to reduce some of your stock and you are a producer, then I would put some orders in to sell some futures much higher. Let's say 4-20 in corn, 5-50 in wheat. Some dream numbers that you would be happy with and like to sell."

Chicago December Wheat ended Wednesday down 9 1/2, at 516 1/2. December corn ended the day down 2 1/2, at 395 even. Portland prices for soft white wheat of ordinary protein for October, were down 8 and 1/4, at mostly 5-52 3/4. Hard Red Winter wheat with 11 ½ % protein, prices for October were down 7 3/4, at mostly 6-25. DNS wheat with 14 % protein, prices for October were down 8, at mostly 6-60 3/4. October live cattle closed yesterday up $4.22 1/2, at 128.35. October Feeder cattle were up $2.42 and 1/2, at 184.75. October class III milk was down 10 cents, at 15-63.

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