Marketline Report for Tuesday, August 28th

Marketline Report for Tuesday, August 28th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Aug 28th. Trade talks with Mexico push cattle prices up Monday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Today, cattle jumped. That NAFTA breakthrough lifted the futures and really gave it a big boost, kind of unexpectedly. The market actually shrugged off that bearish cattle on feed report and the tariff relief is really what we're looking right now. Also, the feeders rallied. That long-term bullish momentum is really possible now and we can see it as everyone's jumping back into the market when they have some idea that there's going to be an end to this tariff talk, to the problems with NAFTA and this could possible be just the beginning. Even thought the tariffs are still in place with China, just the idea that there's going to be some relief ahead just gave the market a big boost."

Chicago Sept Wheat prices closed yesterday dn 15 ½ at 501

Sept Corn was dn 1 ¾ at 346

Portland prices for soft white wheat of Ordinary Protein for Sept ended the day dn 5 ranging from 5-95 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 17 ½ ranging from 6-01 ¾ to 6-11 ¾ DNS wheat with 14 % protein, prices for Sept were dn 16 ranging from 6-41 ¾ to 6-56 ¾

Live Cattle for Aug were up $1.95 at 108.45 Aug Feeder cattle are up $1.02 ½ to 150.10 Aug Class III milk was up .01 cents at 15.04

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