Cattle prices continue to hold steady

Cattle prices continue to hold steady

Matt Rice
Matt Rice
I'm Matt Rice with the Market Line Report for August 4th. Cattle prices seem to be holding steady as we start into August. Jack Scoville shares his thoughts on the livestock market, from the floor of the CME here's Jack.

Scoville: "The cattle market has been far and away, a more powerful market to the upside here today. A lot of talk that we've seen a seasonal low being put in the cattle market over the last couple of weeks. The price action today, certainly does nothing to negate those ideas. We could see some follow through buying through the course of the week as long as those ideas continue, and they probably will. We've got one more holiday coming up, and then we've got the back to school buying to get done as well. Look for cattle prices to hold and possibly build on the recent lows as we move through the end of the week."

Chicago September Wheat ended the week down 1/4 at 500 & 3/4. September corn ended the day down 4 ½ at 368 1/4. Portland prices for soft white wheat of ordinary protein for September, ended down 1/4, ranging from 5-39 to 5-54 even. Hard Red Winter wheat with 11 ½ % protein, prices for September were down 13 1/4 to 3 1/4, ranging from 5-44 to 5-79. DNS wheat with 14 % protein, prices for September were down 6 1/2, ranging between 5-97 to 6-17 even. August live cattle closed last week up & $2.20, at 147.90. August Feeder cattle were up $3.42 1/2, at 214.15. August class III milk was up 5 cents, at 16-46.

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