Marketline Report for Wednesday, October 16th

Marketline Report for Wednesday, October 16th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Oct 16th. When we talk about the China deal, grain traders start talking soybeans. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “Well, there’s never a dull moment. We had some fireworks on Friday with what might have been happening with phase one of some sort of deal between the U.S. and China, but let’s talk about soybeans for a second. They’re in the crosshairs. Very interesting to see how things are lining up over there. We had overnight news of 140,000 metric tons of beans shipped to “unknown.” Unknown? That’s usually code for China. We’ll see if that goes through, but we have to remind ourselves we’ve already had a $1 rally so, keep in mind, the fact that we’re getting the bullish news that we need, on top of the fact that we’ve already had a $1 rally. I think you want to look at the next psychological level. If you’re a bull and you’ve seen the news coming across the wires, $9.50 is going to be the next thing. Maybe we can get through that by the end of this week, but we’re kind of bumping up against it right now with no November beans.”

Chicago Dec Wheat prices closed yesterday dn 4 at 507 ¼

Dec Corn was dn 4 ½ at 393

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 dn 4 ½ ranging from 5-76 ¼ to 5-86 ¼ DNS wheat with 14 % protein, prices for Oct were up 24 ½ ranging from 6-65 ½ to 6-85 ½

Live Cattle for Oct were up $.37 ½ at 111.10 Oct Feeder cattle are dn $.55 to 145.15 Oct Class III milk was up .01 cents at 18.60

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