Marketline Report for Tuesday, September 24th
This is Bob Larson with the Market Line Report for Tuesday, Sep 24th. Cattle retakes ground in Monday trading as the supply draws tighter. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, we got a rally out of the live cattle. Supplies just keep tightening and so we're watching as the markets going to continue to move a little bit higher. There is some underlying support starting the week, but the question is will it last. You know, can we start to fill that gap. That's the big misnomer. We're not sure if we can get this market going. Today, looks really good like we've got a little bit of momentum, but we'll see if that continues tomorrow. I think that that's going to be the big question. Feeders were also strong. That bullish on-feed report. The USDA posted that lower-than-expected placement numbers. The cash market is limited today and that's also adding to the bullish tone."
Chicago Dec Wheat prices closed yesterday dn 1 ¼ at 481 ½
Dec Corn was up 2 ½ at 372 ¾
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-88 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 4 ranging from 5-56 ½ to 5-66 ½ DNS wheat with 14 % protein, prices for Sept were up 23 ranging from 6-27 ¼ to 6-32 ¼
Live Cattle for Oct were up $2.50 at 102.07 ½ Sept Feeder cattle are up $1.27 ½ to 141.62 ½ Sept Class III milk was unch cents at 18.26
