Marketline Report for Wednesday, August 29th
This is Bob Larson with the Market Line Report for Wednesday, Aug 29th. Friday's bearish USDA report finally settles in with cattle traders. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, cattle really retreated. Yesterday's cattle rally, seems like they were just kind of like tagging along with the hogs. And, with this NAFTA deal in there, you know, they were hoping that maybe we're going to be able to participate as well. That really gave the market a little bit of a higher move. Now, the feeders were also following a little bit lower along with the live cattle. The optimism seems to be fading a lot more and it seems like it's going lower even than the live cattle did. That being said, this pull back that we've got didn't completely negate everything and the fact that we did get a rally yesterday means that we had some to give back."
Chicago Sept Wheat prices closed yesterday dn 1 at 498
Sept Corn was dn 5 ¾ at 340 ¾
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-95 to 6-12 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 2 ½ ranging from 5-99 ¼ to 6-09 ¼ DNS wheat with 14 % protein, prices for Sept were dn 2 ¼ ranging from 6-39 ½ to 6-54 ½
Live Cattle for Aug were dn $.40 at 107.80 Aug Feeder cattle are dn $.87 ½ to 149.40 Aug Class III milk was dn .01 cents at 15.02
