Pivotal Points

This is Matt Rice with the Market Line Report for, Aug 19th. More pressure in the cattle market, producers and buyers both keeping an eye on some key pivotal points. Here's Oliver Sloup to explain more from the floor of the CME in Chicago with the USDA.

Sloup "Happy Thursday to you from the floor of the CME here in Chicago I'm Oliver Sloup with II Trader and your meat market update. Couple things we're looking at, kind of a mixed bag. We see some pressure come back into the cattle market through the course of the week and I think we could continue to see that. We're coming up against some key support levels. I want to start by looking at the live cattle contract, October specifically. 114.48 is the 100 day moving average. That's going to be a big line in the sand for bulls, here we really start to roll over and see some accelerated selling pressure."

Chicago Sept. Wheat prices closed yesterday up 1, at 427 ¾. Sept. corn ended the day up 1 ¾, at 330. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day unch, ranging from 5-05 to 5-14. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up 2 ¾, ranging from 5-01 to 5-31. DNS wheat with 14 % protein, prices for Aug. were up 3 ½, ranging from 6-12 ¾ to 6-27 ¾. Aug Live Cattle were dn $1.17 ½ to finish the day at 113.40. Aug Feeder cattle were dn $1.70 to close the day at 144.90. Aug. class III milk was dn 5 cents at 16-95.