Marketline Report for Tuesday, October 9th
This is Bob Larson with the Market Line Report for Tuesday, Oct 9th. Wheat struggles finding direction in holiday trading on Monday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGathey ... "Wheat has slipped a lot. I think the Russian wheat is cheapest that it is in the world and it's really increased their exports and so, their output is so big that it's making it very difficult for U.S. prices to really get any kind of lift at all. $5 is the benchmark for December wheat contract here in Chicago and hopefully that will hold and keep the market here, but we are still kind of teetering on our lows right now so it makes it a little bit difficult to keep this thing moving. We'll see what happens once the financials are back into play tomorrow. I think we'll have a lot more activity, a little positioning before the report coming in at the end of the week."
Chicago Dec Wheat prices closed yesterday dn 7 at 513 ½
Dec Corn was dn 1 ¾ at 366 ½
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 6-00 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 6 ¾ ranging from 6-27 ½ to 6-47 ½ DNS wheat with 14 % protein, prices for Oct were dn 2 ¼ ranging from 6-74 to 6-84
Live Cattle for Oct were up $.37 ½ at 114.27 ½ Oct Feeder cattle are dn $.10 to 157.75 Oct Class III milk was dn .05 cents at 15.81
