Soybeans Hit 2 Month High

Soybeans Hit 2 Month High

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Friday Oct 28th. Soybeans striding right along with another great day in the markets, as corn and wheat jump on board to ride out the rally. Generally this is a slower time of the year for these commodities but I don't think we'll hear any complaints from out farmers. Here's Virginia McGathey, from the floor of the CME in Chicago to explain more.

MacGathey "Reporting here on our Soybean market here today, again a new 2 month high. Well above the $10 mark, got all the way up to $10.20. The up-trend is continuing and momentum is still building. There has been some been some commercial buying, the funds are really taking this market up much higher. Right now the demand has been very good over the last couple of weeks and it continues to increase. There has been real demand for the soybean meal and soybean oil products and that really has been boosting the markets."

Chicago May Wheat prices closed yesterday up 1 ½, at 448 ¼. May corn ended the day up 3, at 373. Portland prices for soft white wheat of Ordinary Protein for Feb. ended the day unch- up 1 ½, ranging from 4-78 to 4-97. Hard Red Winter wheat with 11 ½ % protein, prices for Feb. were up ¼, ranging from 5-10 to 5-25 ¾. DNS wheat with 14 % protein, prices for Feb. were up ½, ranging from 6-31 ½ to 6-54 ½. Feb. Live Cattle were up 40 cents, at 105.40. Jan. Feeder cattle were up 17 ½ cents at 118.32 ½. Dec. class III milk was up 12 cents at 15-36.

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