Marketline Report for Monday, August 5th
This is Bob Larson with the Market Line Report for Monday, Aug 5th. Wheat rallies in Friday trading in the wake of the latest tariff threat. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was higher today and it rebounded off the news of the tariff threat, but most importantly, Australia has cut their production and this could be really major for the U.S. I think that it definitely should kick up the Kansas City wheat, but I think it will take the Chicago wheat futures along with it. If those numbers are correct, that bodes well for us to really kind of fill in the exports for what's going to be lost from Australia. Now, this is really new news so we don't know exactly how it's going to work, but just the idea it is giving the market a little bit of a lift."
Chicago Sept Wheat prices closed yesterday up 15 at 491
Sept Corn was up 6 ¾ at 399 ¾
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were up 6 ranging from 5-46 ¾ to 5-51 ¾ DNS wheat with 14 % protein, prices for Aug were up 3 ¾ ranging from 5-97 ¼ to 6-02 ¼
Live Cattle for Aug were dn $.22 ½ at 107.77 ½ Aug Feeder cattle are dn $1.60 to 139.95 Aug Class III milk was up .06 cents at 17.28
