Wheat declines as Russia buys Canadian grain in market drop
Market reports show wheat values falling after optimistic start as Russia increases purchases of Canadian wheat. Prices retreat in Chicago and Minneapolis with related moves in corn oats and hogs. futures for No 2 hard and other grades show declines while Liverpool quotations influence sentiment. Provisions soften further amid overall commodity weakness.
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ICAGO
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Bullish Wall Street Day After Fed Rate Support Signals Progress
A New York Stock Exchange report notes a strong bullish day on Oct 2 driven by the Fed rate stance and optimistic banking signals. Total volume reached 2,268,000 shares as United States Steel and American Teletherms led advances with gains of one to four points, while oil, motor, chemical, and utility issues also rose amid merger optimism and improving business orders.
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Boston Wool Market Sees Gains Across Wool Grades
The Commercial Bulletin notes strong activity in the wool market with medium and fine wools advancing 3 to 6 percent. Foreign markets remain firm as London moves upward. Domestic Quotations list prices for Delaine, combing wools, and Merino types across Ohio Pennsylvania New York Missouri Texas California and Montana with varied prices per pound.
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Livestock market report with hogs cattle and sheep mixed
Omaha and Sioux City markets show hog receipts near 1000 with prices mostly 30 to 80 cents lower and bids around 12. First hogs 160 to 230 pounds bring about 12.00 to 12.40 with tops near 12.40. Cattle receipts around 2000 with fed steers and yearlings slow to steady, stockers and feeders steady, fat lambs improving and ewes bearing 6 to 7 dollars. Mississippi river and Denver reports note lighter runs and weaker trends in hogs while sheep hold firm in some lots.
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Rallies and Trading Strength Boost Market Activity
Heavy trading spurred rallies as the market advanced on short covering across sections. Bulls cited a steady local discount rate and related factors while reports of wheat purchases and mixed cereal trends influenced gains and late-day declines.
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