Marketline Report for Monday, October 14th

Marketline Report for Monday, October 14th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Monday, Oct 14th. The wheat market follows beans and corn higher in Friday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat jumped up, following all the grains higher. Big overflow buying. Looks like that the markets have been a little bit thin, perhaps being take n over somewhat by some of the algorithms really pushing through some of these technical numbers. The news has been bearish, but the technical people on wheat were saying that 522 could be its real objective. Who knew that we could get as high as .20 cents higher today? No one really did and so that only makes us .10 cents off of that objective they were talking about. Can it get there? Who knows? It’s very possible. We’ll see on Tuesday if there’s been some movement with this trade deal over this holiday weekend. That being said, what happens when the trade deal does go down? Does that mean that we continue to rally or we start to then look at what the numbers are for the yields?”

Chicago Dec Wheat prices closed yesterday up 15 at 491 ¼

Dec Corn was dn 14 at 380

Portland prices for soft white wheat of Ordinary Protein for Nov ended the day unch ranging from 6-00 to 6-03 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were up 16 ¼ ranging from 5-74 ½ to 5-79 ½ DNS wheat with 14 % protein, prices for Oct were up 12 ¾ ranging from 6-38 to 6-68

Live Cattle for Oct were up $.72 ½ at 109.50 Oct Feeder cattle are dn $.20 to 144.35 Oct Class III milk was up .03 cents at 18.66

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