Marketline Report for Monday, August 7th
This is Bob Larson with the Market Line Report for Monday, August 7th. Cattle trading ends the week a bit higher. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "Live cattle market has really rebounded this week after posting some fresh multi-month lows just earlier in the week. Our August Futures Contract traded as low as $112 to $113 and now is back above that $115 level, So, we're working on a bit of a weekly reversal here as a matter of fact. You know, August is usually kind of a friendly time frame in terms of seasonality. A lot of times you'll see your August Futures market rally into expiration and maybe this is the start of that. You know, seasonals work when they work and if this is going to be a year where we follow the seasonal trend, you could very easily see some more upside into expiration."
Chicago Sept Wheat prices closed yesterday dn 3 at 455 ½ Sept corn ended the day up 3 at 367 ¼
Portland prices for soft white wheat of Ordinary Protein for September ended the day dn 3 ranging from 4-99 ¾ to 5-32 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn ¼ ranging from 5-34 ½ to 5-64 ½ DNS wheat with 14 % protein, prices for September were up 3 ranging from 7-91 ¼ to 8-26 ¼
Live Cattle for September were up $.22 ½ at 115.10 Sept Feeder cattle were dn $.70 at 149.60 Sept Class III milk was dn $.08 cents at 16-34.
