Marketline Report for Thursday, August 23rd

Marketline Report for Thursday, August 23rd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Thursday, Aug 23rd. Cash cattle trading continues to deteriorate Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Cattle dropped today. That cash cattle is really starting to deteriorate here this week. I think a real decline in open interest has left the futures kind of holding the bag and the market was sinking a lot harder than it had been over the last couple of weeks. There's just nothing doing with until tomorrow or Friday and we hope, we hope that there might be a little bit more of an increase of some kind of trade, but it seems that the bottom kind of fell out a little bit. Feeders also fell hard and those margins are really reducing and kind of like chasing the packers away and all of the sudden those bids were gone and the market really slipped pretty good. A lot more than we really expected."

Chicago Sept Wheat prices closed yesterday dn 1 ½ at 528 ¼

Sept Corn was dn 7 ¼ at 352 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 4 ½ ranging from 6-30 to 6-40 DNS wheat with 14 % protein, prices for Sept were dn 2 ½ ranging from 6-71 ¼ to 6-86 ¼

Live Cattle for Aug were dn $1.05 at 108.25 Aug Feeder cattle are dn $.47 ½ to 148.95 Aug Class III milk was dn .02 cents at 14.99

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