Choppy Livestock Market

I’m Tom Allen with the Market Line Report for September 4th. Cattle continue to be uneven at the close of the market. Here’s Oliver Sloup, from the floor of the CME with his observations.

 

Sloup: “ From the floor of the CME in Chicago this is Oliver Sloup with II trader. It has been a choppy past few sessions in the live cattle and feeder cattle but let’s start looking at that live cattle. We do have options expiration tomorrow that could provide a little support for this market. A lot of times you have producers that are trying to hedge their cattle and have long puts. So you have a bid coming to market.

 

 

Chicago September wheat ended down 16 and 1/2 4-56. September corn ended the day down 6 and 1/4 at 347 1/2. Portland prices for soft white wheat of ordinary protein for September were down 13 and 3/4, at mostly 5.27 and 1/4. Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 7, at mostly 5.57 ¾. DNS wheat with 14 % protein, prices for September were dn 8 at mostly 6-09 and ¼.

October live cattle closed Wednesday up 15 cents, at 141.37. October Feeder cattle were up .77 1/2 cents, at 197.07. October class III milk was down 4 cents, at 16-50.