Marketline Report for Monday, August 27th
This is Bob Larson with the Market Line Report for Monday, Aug 27th. The upcoming USDA report plays big role in Friday grain trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, cattle was down hard. A bearish USDA report is expected and it was nothing doing. Everyone started liquidating their longs. They're really putting the market really falling off the edge. So feedlot operators have placed more cattle than last year and it's really added to the weight. The carcass weights are up one to two pounds. All that is kind of adding to the pressure on futures. Feeders also fell again. The supply increase could be up almost 6% with that on feed report. That's got everyone a little bit nervous. The optimism is kind of fading a little bit and the physical cattle, price was actually falling all week."
Chicago Sept Wheat prices closed yesterday dn 7 ¼ at 513 ½
Sept Corn was up 1 ¾ at 348 ½
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day dn 10 ranging from 6-00 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 8 ranging from 6-19 ¼ to 6-29 ¼ DNS wheat with 14 % protein, prices for Sept were dn 9 ranging from 6-57 ¾ to 6-72 ¾
Live Cattle for Aug were dn $1.70 at 106.52 ½ Aug Feeder cattle are up $.17 ½ to 149.20 Aug Class III milk was up .03 cents at 15.03
