Marketline Report for Tuesday, October 1st

Marketline Report for Tuesday, October 1st

Kelly Allen
Kelly Allen
This is Bob Larson with the Market Line Report for Tuesday, Oct 1st. Live cattle steadies and consolidates in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Cattle started out steady. It was really trading both sides of unchanged, somewhat consolidating after Friday’s surge in the market. The higher cash trade last week was expected to continue, but we just didn’t see anything yet today and the market just kind of held off. But, one thing to consider is that we solidly filled that gap that we had been waiting for, for a number of weeks and, it seems to me that the market is still holding there. Now, the feeders were easier today, kind of like taking back all the gains they had on Friday. Beef values have had trouble gaining any kind of support to underpin that rally. Light trade and stuff kind of slows the movement around, but we’re looking really for technical support to move up.”

Chicago Dec Wheat prices closed yesterday up 8 ½ at 495 ½

Dec Corn was up 16 ½ at 387

Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-88 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 7 ½ ranging from 5-65 to 5-75 DNS wheat with 14 % protein, prices for Oct were dn 2 ½ ranging from 6-34 ½ to 6-64 ½

Live Cattle for Oct were dn $.45 at 104.55 Oct Feeder cattle are dn $1.92 ½ to 142.37 ½ Sept Class III milk was unch cents at 18.28

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