Mixed News On The Markets

I’m Greg Martin. This is Market Line.

The news of the downed airliner continued to affect the grain markets on Friday but all in all it was not a bad week for grains. Frank Lesh with Future Path Trading.

LESH: Of course the markets were really oversold. We had some decent bounces in here but nothing more than an oversold bounce in here. We had a bounce in corn but open interest declined which tells us that it was mainly just short covering as some people taking profits on this big move lower. The markets are oversold but we can move sideways and take care of oversold status in here. And for right now we just see some minor bounces.

Now checking some closing prices from yesterday:

Chicago September Wheat ended Friday down 18 1/2 at 532 1/4.

September corn ended the day down 8 and a 1/4 at 371 1/4.

Portland prices for soft white wheat were down 18.50 to unchanged at mostly 6.70 1/2.

White club wheat prices were down 18.50 to unchanged at mostly 7.20 1/2.

Hard Red Winter wheat with 11.5 percent protein prices were down 15.25 at mostly 7.32 3/4.

DNS wheat with 14 percent protein prices were down 6.75 at mostly 8.07 1/4.

August live cattle were up 97 1/2 at 151.62 1/2.

August Feeder cattle were up a nickle at 211.65.

August class III milk was down 9 at 21.33.

I’m Greg Martin and that’s Market Line on the Ag Information Network.