Marketline Report for Wednesday, August 28th
This is Bob Larson with the Market Line Report for Wednesday, Aug 28th. Lean hog prices remain ultra-sensitive to political tweets in Tuesday trading. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "it's a lot like soybeans in the fact that when there is still maybe a story here and the tweets or what can be said by one government or not, that's going to be something that going to still play heavily. And, I think, really, that's why you've got the funds still kind of holding in there and we're only going to know two or three weeks from now whether this was the time to buy, if we've been carving out a low here. Only time will tell, but this is a critical level where we're going to have to start really paying attention to what type of fundamental news is coming out of whomever, whether it's a tweet or something that the government gives us because this is going to be the point that we're going to look back on and say hey, this is where we began this move, so keep that in mind. Lot's to talk about there. Lot's to keep your eye. We'll see how we get on with the next couple of weeks."
Chicago Sept Wheat prices closed yesterday up ¾ at 474 ¼
Sept Corn was dn 1 ½ at 357
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-55 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were up 3 ¾ ranging from 5-17 ¾ to 5-22 ¾ DNS wheat with 14 % protein, prices for Aug were up 1 ½ ranging from 5-69 ¼ to 5-74 ¼
Live Cattle for Aug were dn $.72 ½ at 105.00 Aug Feeder cattle are dn $.10 to 138.60 Aug Class III milk was unch cents at 17.60
