Marketline Report for Thursday, October 17th
This is Bob Larson with the Market Line Report for Thursday, Oct 17th. China continues to build optimism in the Cattle market. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Cattle made another new high. That momentum is building on the expectation that exports are going to be moving towards China. Now, everyone knows that they’ve been talking about this short-term trade deal at least, but the ink hasn’t really dried. But, the cattle market has really taken hold and started to move much higher. We saw, over the last couple of days, that the feeders was really bring the market along and now we see the uptrend is still intact now for cattle. So, we’ve got to watch that. I think that it’s interesting that one of the objectives was 1.14 for the Dec. contract. And, will this market overshoot that number? It’s very possible.”
Chicago Dec Wheat prices closed yesterday up 6 ¼ at 514 ¼
Dec Corn was dn 1 ½ at 392 ¼
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 3 ¾ ranging from 5-80 to 5-90 DNS wheat with 14 % protein, prices for Oct were up 5 ranging from 6-70 ½ to 6-90 ½
Live Cattle for Oct were up $1.35 at 112.50 Oct Feeder cattle are up $.22 ½ to 145.45 Oct Class III milk was up .02 cents at 18.62
