Marketline Report for Friday, August 23rd
This is Bob Larson with the Market Line Report for Friday, Aug 23rd. A boost in cattle prices gives traders pause in Thursday's market. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "I guess what's kind of interesting to us here again today is going to be that live cattle market. It looks as though we're trying to carve out a bottom here and it looks as though we're trying to have some sort of technical bounce. Not a ton of fundamental news out there. It's important to kind of see what the other sides thinking. Now, I'm a fundamental trader myself. I like supply and demand and those types of things, but there also are the technicians out there and sometimes they actually take over if we don't see a ton of technical news. So, I would say right now, technically speaking, that's what we're looking at. There isn't a ton of news out there. It's a slower time of year also as well, so it seems as though we've got a little bit of a technical bounce here going on."
Chicago Sept Wheat prices closed yesterday up 4 ¾ at 467
Sept Corn was up ¾ at 362 ½
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day up 15 ranging from 5-55 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were up 7 ranging from 5-13 ¼ to 5-23 ¼ DNS wheat with 14 % protein, prices for Aug were dn 3 ¾ ranging from 5-73 ½ to 5-78 ½
Live Cattle for Aug were up $2.30 at 105.07 ½ Aug Feeder cattle are up $1.02 ½ to 138.52 ½ Aug Class III milk was dn .04 cents at 17.57
