Marketline Report for Wednesday, August 23rd
This is Bob Larson with the Market Line Report for Wednesday, August 23rd. Grizzlie or Black, traders are dealing with a bearish grain market. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "Trade is fighting a lot of bearish items here. The first one of which is a bearish USDA report that we had on August 10th. USDA told us that the national corn yield would be much larger that most traders had expected and that kind of began a flush-out to the down-side into some fresh 11-month lows as a matter of fact. We've got some pretty bearish seasonal tendencies here. The general seasonal tendency over the long-term is for the corn market to post some sort of top in the summer and then leak lower through September and post some sort of harvest low around October 1st. We're kind of following that pattern this year. It's certainly possible that we see something similar although you never know what's going to happen once harvest begins."
Chicago Sept Wheat prices closed yesterday dn 7 ¼ at 402 ¾ Sept corn ended the day dn 3 at 346 ½
Portland prices for soft white wheat of Ordinary Protein for September ended the day dn 7 ¼ ranging from 4-82 ¼ to 5-25 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 8 ¾ ranging from 4-84 to 5-04 DNS wheat with 14 % protein, prices for September were dn 14 ranging from 7-31 to 7-51
Live Cattle for Aug were up $.72 ½ at 106.85 Aug Feeder cattle were up $2.27 ½ to 142.22 ½ Sept Class III milk was dn $.23 cents at 16.90.
