Marketline Report for Wednesday, August 22nd

Marketline Report for Wednesday, August 22nd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Aug 22nd. Bearish factors hit the grain market in Tuesday trading. From the floor of the CME in Chicago, here's Terry Roggensack.

ROGGENSACK ... "We've seen a 55 ¾ cent rally in November beans in just six trading days. General hope in China and the U.S. will advance in their talks to reduce tariffs and a general talk that the yields might not be as high as the USDA feels help to support that rally. Have we put in a near-term peak? We don't like the action here today. Number one, good rains moving across the Midwest over the weekend and overnight is going to help enhance the yield potential for the soybean crop."

Chicago Sept Wheat prices closed yesterday dn 15 at 527 ¼

Sept Corn was dn 2 ¼ at 359 ½

Portland prices for soft white wheat of Ordinary Protein for Sept ended the day dn 5 ranging from 6-10 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 12 ¾ ranging from 6-34 ½ to 6-44 ½ DNS wheat with 14 % protein, prices for Sept were dn 5 ½ ranging from 6-73 ¾ to 6-88 ¾

Live Cattle for Aug were up $.20 at 108.95 Aug Feeder cattle are dn $.45 to 149.10 Aug Class III milk was dn .01 cents at 15.01

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