Marketline Report for Thursday, August 30th
This is Bob Larson with the Market Line Report for Thursday, Aug 30th. Wheat enjoys a big rally in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat really rallied today. It seems that the importers really started buying with both hands and scrambling over each other and we were up double-digits 16 or 17 cents at one time. Wheat has been really the driving force for all the commodities across the board, certainly all the grains, since the implementation of the Chinese tariff wars. That being said, when the market started to come down over these last couple of sessions it really triggered some buying and we got the market really moving. We know that 5.20 is kind of like a little bit of a low that offered some support and I guess it's that lucky seven, the market was down seven days in a row, so that lucky seven sparked some of the buying and we moved it back up."
Chicago Sept Wheat prices closed yesterday up 17 ½ at 515 ½
Sept Corn was up ¼ at 341 ½
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day up 10 ranging from 6-05 to 6-12 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 20 ½ ranging from 6-19 ¾ to 6-29 ¾ DNS wheat with 14 % protein, prices for Sept were up 15 ranging from 6-54 ½ to 6-69 ½
Live Cattle for Aug were up $1.37 ½ at 109.05 Aug Feeder cattle are dn $.02 ½ to 149.30 Sept Class III milk was up .06 cents at 16.44
