Marketline Report for Thursday, August 8th
This is Bob Larson with the Market Line Report for Thursday, Aug 8th. A consolidated wheat market bounces back and forth in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The U.S. dollar index was a little lower today, but it's still pretty high overall. It makes it really difficult for us to compete with the European Union and with Russia. Most of all that data is really pretty bearish for wheat and it looks there is going to be a lot more weakness ahead of the USDA report. That being said, when the market continues to move down so many days in a row, we know that we might have a little bit of a rebound so we could see that. Now today, it actually happened. We were down almost .10 cents. The market clawed all the back to unchanged, but it's still showing a lot of weakness even though we were able to move back. The volume has been relatively quiet so that tells me that the market is really ripe for some big volatility really coming into the last two days of this week before the big report on Monday."
Chicago Sept Wheat prices closed yesterday up 4 ¼ at 489 ¾
Sept Corn was up 2 ½ at 407
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-75 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn ¼ ranging from 5-42 ¾ to 5-47 ¾ DNS wheat with 14 % protein, prices for Aug were dn 1 ranging from 5-96 to 6-01
Live Cattle for Aug were up $.47 ½ at 107.80 Aug Feeder cattle are dn $.42 ½ to 139.42 ½ Aug Class III milk was dn .03 cents at 17.54
