Suprises in the grain market

I’m Matt Rice with the Market Line Report for August 7th. Oliver Sloup gives us update from the latest on yesterday’s grain market close. Here’s Sloup from the floor of the CME.

Sloup: Corn market got a little bit of support here earlier in the week and again yesterday. We saw lower estimates for yield but we are still in the middle of a big gray area. It’s about a 40 cent range from the 3.62 ½ lows to the 3.98-4.00 level. If you look at that top end of the range there’s a big 61.8 % for retracement as well as the 50 and 100 day average. That’s going to be very key resistance on the bottom side 362.5.

Chicago September Wheat ended up 5 at 507. September corn ended the day down 3 at 369 and 1/4. Portland prices for soft white wheat of ordinary protein for September, ended the day up 5, at mostly 5.55 even. Hard Red Winter wheat with 11 ½ % protein, prices for September were un changed, ranging from 5-44 to 5-79 and 1/2. DNS wheat with 14 % protein, prices for September were up 3 ranging between 6-03 and ½ to 6-23 1/2. August live cattle closed last week up 1.02 at 149.70. August Feeder cattle were up 1.20 at 215.325. August class III milk was up 15 cents, at 16-49.