Marketline Report for Wednesday, September 4th
This is Bob Larson with the Market Line Report for Wednesday, Sep 4th. New lows for December corn bring out the dark clouds in Tuesday trading. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Unless we get some new bullish news, and we've heard that thing before, you gotta feed the bull every day, right? Well, we haven't been able to feed the bull every day and, anecdotally, the evidence coming from the crop tour has been more of a black cloud. Things look to have caught up, or at least look better than they were. The dollar is still pretty strong. That's another black cloud, right, and the funds being as short as they are, that's another black cloud. So, just seeing all these black clouds, it doesn't mean there's a guaranteed move lower, it just means that when you take a bigger view at this you kind of have to look things from that point of view and there's enough black clouds out there to say, that unless we get something out of China or we get some surprise or some bullish, fundamental news, not technical, this market looks to be trading on its heels and a little bit more of a defensive posture rather than being aggressively to the upside."
Chicago Sept Wheat prices closed yesterday dn 4 at 445
Sept Corn was dn 8 ¼ at 349
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day dn 8 ranging from 5-70 to 5-78 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 4 ranging from 5-02 ¼ to 5-22 ¼ DNS wheat with 14 % protein, prices for Sept were up 10 ½ ranging from 5-57 to 5-67
Live Cattle for Oct were up $.35 at 99.12 ½ Sept Feeder cattle are up $1.75 to 134.60 Sept Class III milk was up .11 cents at 17.73
