Key Levels In Cattle

This is Matt Rice with the Market Line Report for, Sep. 1st. Cattle under pressure once more as traders and producers, keep an eye on some key points. Here's Todd Horwitz from Bubbatrading.com from the floor of the CME in Chicago.

Horwitz "Wednesdays afternoon livestock, and we're seeing a little bit of pressure on cattle, both fats and feeders. Yesterdays rally, was pretty dramatic but pretty predictable. We came down at the levels and we basically had the blow off, which I wrote about all weekend and this morning I sent out an update saying, simply this. A market rally off the opening, I wouldn't be real happy with. I'd rather see a little bit of selling pressure to show me that maybe the bottoms are in."

Chicago Dec. Wheat prices closed yesterday dn 4, at 391. Dec. corn ended the day up ¼, at 325 ¾. Portland prices for soft white wheat of Ordinary Protein for Dec. were dn 4- unch, ranging from 4-58 ¼ to 4-88. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were up ¾, ranging from 4-82 ½ to 5-17 ½. DNS wheat with 14 % protein, prices for Dec. were dn 4 ¼, ranging from 5-76 ½ to 6-06 ½. Dec. Live Cattle were dn 90 cents on the day, at 107.97 ½. Nov. Feeder cattle were also dn 90 cents, at 135.27 ½. Nov. class III milk was dn 8 cents at 16-32.