Marketline Report for Tuesday, August 7th
This is Bob Larson with the Market Line Report for Tuesday, Aug 7th. Weather played a big role in grain trading on Monday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGathey ... "Wheat has really been leading the day. It rallied, up double-digits, over 15-percent. That searing heat around the globe really has the market off to the races, so the European wheat markets are really surging. I know there's been some extreme rain then coming in in the Black Sea. That's not really good either and that is making it really difficult. So, Europe, Southern Russia, even Australia are having trouble. Here in the U.S., the Southwestern Plains are hot and dry so maybe it's going to be affecting our yield as well. Right now, they're kind of shrugging off all the tariff talks and the difficulty that is bringing to all the grain markets. That just lets us know that we have a lot of room on the upside for this thing to rally."
Chicago Sept Wheat prices closed yesterday up 18 ¼ at 573 ¾
Sept Corn was up 1 ¼ at 370 ½
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day up 26 ranging from 6-06 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were up 13 ¾ ranging from 6-91 to 7-11 DNS wheat with 14 % protein, prices for Aug were up 15 ½ ranging from 7-18 ¼ to 7-28 ¼
Live Cattle for Aug were dn $.27 ½ at 110.65 Aug Feeder cattle are dn $1.00 to 152.10 Aug Class III milk was dn .04 cents at 14.84
