Marketline Report for Tuesday, September 4th
This is Bob Larson with the Market Line Report for Tuesday, Sept 4th. The market was closed on Monday for Labor Day, but with Friday's close From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "We're all seeing a gradual increase in export sales of beef to China. Right now, we're such a small share of the market. China is the second biggest importer of beef in the world. We've got less than 1% share. If we got a 10% share, it would be a huge factor for 2019 in increasing export sales. We like the idea of buying February cattle on a pull-back to $116.55. Our upside target is $120.85. Risk that trade to $115.40 for that February contract."
Chicago Sept Wheat prices closed yesterday up 10 ½ at 519
Sept Corn was up 10 at 352
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day dn 10 ranging from 5-90 to 6-12 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 10 ¾ ranging from 6-23 to 6-33 DNS wheat with 14 % protein, prices for Sept were up 21 ½ ranging from 6-68 ¾ to 6-83 ¾
Live Cattle for Aug were dn $3.00 at 106.80 Sept Feeder cattle are dn $.72 ½ to 149.45 Sept Class III milk was up .13 cents at 16.51
