Cattle and hog prices stay strong

I'm Matt Rice with the Market Line Report for August 5th. Todd Horwitz goes over the livestock report from Tuesdays close. Cattle and hogs continue to keep up with the strong numbers, here's Todd.

Horwitz: "Tuesday's livestock trade, a little bit different than yesterday's trade. More mixed to down, of course hogs remain strong. We look at the bigger picture, nothing really changes. We had a nice rally, into resistance. Look at live cattle $1.49 seems to be a great level to sell. Live cattle is pretty much flat, going all the way out to next year. I think $1.49 is a great spot to sell at. Feeder cattle continues to be backward formation, looking for more selling, $2.14 $2.15 looks like a great level to sell at."

Chicago September Wheat ended Tuesday down 5 1/2 at 493 1/4. September corn ended the day up 2 1/4 at 360 even. Portland prices for soft white wheat of ordinary protein for September, ended the day down 5 1/2, ranging from 5-33 ½ to 5-48 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for September were down 4 even, ranging from 5-40 to 5-75 even. DNS wheat with 14 % protein, prices for September were down 3 1/4, ranging between 5-93 ¾ to 6-13 3/4. August live cattle closed last week up 25 cents, at 148.25. August Feeder cattle were up 22 ½ cents, at 214.75. August class III milk was down 3 cents, at 16-39.