A Split Decision For Grains

I'm Susan Allen with the Market Line Report for August 19th 2015. Better get into the ring, Tuesday's grain trade was equated to a good fight by Todd Horwitz of Bubbatrading.com. He explains why he called the grain market a "split decision" yesterday afternoon from the floor of the CME

Horwitz: Tuesday grain trade, if you're a fighter we've got a split decision, wheat kind of bouncing back and forth but to the weaker side, soybeans just really weak and of course you've got corn which is higher on the day. We can look at the kinds of reasons we want, soy beans are certainly under deep pressure more in line from what's going on in China, but really more in line because they are breaking down. I still think we missed some of our shots on the way down of buying levels, I think when you are here at another level that you want to look at, again... as we continue to build this bad news into the market it's hard to imagine that we haven't collapsed. We basically had a nice sell off but not a collapse."

Chicago September Wheat ended Monday down 6 1/2 at 495 1/2. September corn ended the day at 365 ¾ up 3. Portland prices for soft white wheat of ordinary protein for September, ended the day down 6 ¼ at 5.49 1/4. Hard Red Winter wheat with 11 ½ % protein, prices for August New Crop were mostly 5.54 down 6 1/4. DNS wheat with 14 % protein, prices for August were mostly 6.09 1/4 down 4 3/4. August live cattle closed yesterday down 90 cents, at 147 August Feeder cattle were up 10 cents at 214.50 September class III milk was up 21 cents at 16.68