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Bob Larson Marketline Report for Thursday, August 24th
by Bob Larson, click here for bio

Program: Market Line
Date: August 24, 2017

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This is Bob Larson with the Market Line Report for Thursday, August 24th Wheat prices continue to struggle on the grain market. From the floor of the CME in Chicago, here’s Virginia McGathey ...

McGathey ... “Wheat falls again. The bearish trend just will not let up. July 5th was the high at $574 and the market is now just below. I mean, it’s a $1.74 drop. It has not seen those prices in such a long time. It seems that the selling has been a little bit accelerated and somewhat overcooked, to me. The heavy losses really pushed that RSI into like 22 percent, which is well below the 30 percent area where you would normally try to buy something. So, we’re thinking that there should be some kind of bounce, but it looks that the bears are in charge and they really have their foot on the neck of those futures right now.”

Chicago Sept Wheat prices closed yesterday up 1 at 403 ¼ Sept corn ended the day dn 4 at 342

Portland prices for soft white wheat of Ordinary Protein for September ended the day up 1 ranging from 4-83 ¼ to 5-25 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 1 ¼ ranging from 4-82 ¾ to 5-02 ¾ DNS wheat with 14 % protein, prices for September were dn 1 ¾ ranging from 7-29 ¼ to 7-49 ¼

Live Cattle for Aug were dn $1.07 ½ at 105.40 Aug Feeder cattle were dn $.45 to 141.27 ½ Sept Class III milk was dn $.19 cents at 16.73.

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