Marketline Report for Tuesday, September 12th
This is Bob Larson with the Market Line Report for Tuesday, September 12th Cattle trading is state of adjustment. From the Floor of the CME in Chicago, here's Terry Roggensack ...
Roggensack ... "The cash markets are weak. We had cash trading at $1.05 and some trade at $1.02 on Friday. We've got October, trying to trade $1.07 today, $1.13 for the December contract. So we are trying to hold a premium with a weak cash trend in the market. Second factor is that fund traders want to be long this market. Managed money traders holding a net long position of 77,857 contracts. So, if the market were to turn lower, you could see increased selling as support levels are violated."
Chicago Sept Wheat prices closed yesterday dn 1 ½ at 413 ½
Sept corn was up 1 ¼ at 346
Portland prices for soft white wheat of Ordinary Protein for September ended the day unch ranging from 4-90 to 5-20 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 6 ¾ ranging from 5-09 ¾ to 5-54 ¾ DNS wheat with 14 % protein, prices for September were dn 4 ½ ranging from 7-32 ¼ to 7-52 ¼
Live Cattle for Oct were dn $.12 ½ at 107.40 Sept Feeder cattle were up $.57 ½ to 148.70 Sept Class III milk was dn .07 cents at 16.21
