Marketline Report for Thursday, September 6th
This is Bob Larson with the Market Line Report for Thursday, Sept 6th. Things were a bit easier in Tuesday cattle trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Seems those non-commercials liquidated some of their long positions pushing it a little bit lower. They decreased their positions by 28-hundred contracts and gave us a level about 65-hundred out there. Also, seasonally, this is kind of like a time where the trend does look a little lower and perhaps today the market was trying to hold up and really was steady almost all day and then it started to slip and close much lower. Interestingly enough though the feeders were mixed and they actually closed kind of more unchanged and maybe steadier. Cattle buyers just stepped in and they were supporting those futures. So, there's a little bit of optimism on the horizon that possibly down the road it's not going to be as bad as we thought."
Chicago Sept Wheat prices closed yesterday dn 9 at 495
Sept Corn was dn 2 ¾ at 351 ½
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-95 to 6-12 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 6 ¼ ranging from 6-01 ¾ to 6-11 ¾ DNS wheat with 14 % protein, prices for Sept were dn 9 ranging from 6-49 to 6-64
Live Cattle for Oct were dn $.82 ½ at 109.25 Sept Feeder cattle are up $3.15 to 151.95 Sept Class III milk was up .01 cents at 16.53
