The cattle market is still in the red after last week's big drop

The cattle market is still in the red after last week's big drop

Tommy Allen
Tommy Allen
I'm Tommy Allen with the Market Line Report for August 25th. The cattle market is still in the red after last week's big drop, but is it enough to worry about? China's drop in the stock market is playing a key role as well. Here's Jack Scoville, from the floor of the CME.

Scoville: "Live cattle getting some selling pressure from reports. Lower prices were paid by packers last week. Mostly on Friday afternoon after the close. The trade had been hoping for unchanged after the week before. So the fact that the packers can pay less is naturally for the cattle market. "

Chicago September Wheat ended Friday up 3 3/4 at 504 1/4. September corn ended the day up 3 1/2 at 370 1/4. Portland prices for soft white wheat of ordinary protein for September, ended the day with a mixed market up 3 ¾ and down 1 even, ranging from 5-58 1/4 to 5-65 even. Hard Red Winter wheat with 11 ½ % protein, prices for September were up 4 ¾, ranging from 5-50 ¾ to 5-85 ¾. DNS wheat with 14 % protein, prices for September were up 2 1/2, ranging from 5-94 ½ to 6-24 1/2.

August live cattle closed Friday down $1.52 1/2, at 143.90. August Feeder cattle were down $1.35, at 210.65. September class III milk was down 37 cents, at 16-41.

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