Marketline Report for Wednesday, August 7th
This is Bob Larson with the Market Line Report for Wednesday, Aug 7th. Cattle settles down a little following Monday's crazy moves in the market. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Cattle was a little bit easier. The futures did steady after yesterday's wild ride when the market started out about 5% lower and ended up 6% higher. But, trading is still at the lower end of the range right now. The cash trade is struggling somewhat and we're still looking for maybe better news. Now, the President did vow to help farmers, but time will tell if that will actually get there to add something to the price levels right now. So, we've been vacillating back and forth even though the range is starting to expand a little bit it's still a lot of sideways movement."
Chicago Sept Wheat prices closed yesterday dn 10 ½ at 484 ½
Sept Corn was dn 1 ¼ at 404 ¾
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-75 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 8 ¾ ranging from 5-43 to 5-48 DNS wheat with 14 % protein, prices for Aug were dn 2 ½ ranging from 5-97 to 6-02
Live Cattle for Aug were dn $.67 ½ at 107.20 Aug Feeder cattle are dn $.55 to 140.05 Aug Class III milk was up .09 cents at 17.53
