Marketline Report for Thursday, August 29th
This is Bob Larson with the Market Line Report for Thursday, Aug 29th. Tough news in the wheat market Wednesday as traders learn Egypt has another supplier. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Now, wheat also slipped a little bit. That Egypt did buy some French wheat, and that kind of took something away from us. That means that the U.S. supplies really have nowhere to go. I think that for the October shipment that went to France, really kind of gives us a little bit of a signal that European competition is going to be relatively fierce. And, of course, the news out of there is that their crops are doing very, very well. They are expecting pretty big yields. That, definitely, will keep wheat from really rallying much, definitely keeping them from following corn and beans which were a little bit more on the rise today. So, everything's going to be day to day, but we are definitely in a weather market right now."
Chicago Sept Wheat prices closed yesterday dn 1 ½ at 473
Sept Corn was up 5 ¾ at 363 ½
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 dn ½ ranging from 5-17 ¼ to 5-22 ¼ DNS wheat with 14 % protein, prices for Aug were dn 6 ¾ ranging from 5-62 ½ to 5-67 ½
Live Cattle for Aug were up $.32 ½ at 105.25 Aug Feeder cattle are up $.20 to 138.35 Aug Class III milk was dn .01 cents at 17.59
