Marketline Report for Tuesday September 21st
This is Bob Larson with the Market Line Report for Tuesday, September 21st. The livestock market has a bit of a rebound in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGATHEY … “Today in the livestock market, we saw the only market that’s not in the red. Cattle was steady today. The early slip in the trade really did recover and ended up on the positive side. These markets have experienced some extreme selling and we were at risk of reaching the lows, but with the market also being majorly oversold sometimes we know that we can get a reversal pretty quickly. The positive part for the live cattle is we did not make new lows so with the recovery from the initial drop I think it’s trying to tell us that perhaps the bottom is in, but we don’t want to go that far to make it because anything can happen here.”
Chicago Dec Wheat prices closed yesterday dn 8 ½ at 700 ¼
Dec Corn was dn 5 ¼ at 522
Portland prices for soft white wheat of Ordinary Protein for Oct ended the day unch ranging from 10-50 to 11-50 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 13 ranging from 8-50 to 8-75 DNS wheat with 14 % protein, prices for Oct were dn 6 ½ ranging from 10-29 to 10-39
Live Cattle for Oct were up $.40 at 127.92 ½ Sept Feeder cattle are up $.75 to 156.85 Sept Class III milk was dn .03 cents at 17.15
