Marketline Report for Tuesday, September 10th
This is Bob Larson with the Market Line Report for Tuesday, Sep 10th. Wheat moves higher on technical buying in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was higher today. Technical buying did push the futures a little bit higher and it jumped midday double-digits, which is kind of a surprise, but it continued to move through a lot of the resistance numbers surpassing some of the technical numbers which would then possibly bring on follow-through buying. If it does, we could see the market start to move a little bit higher. The objective would be somewhere in the $5.20 range, but that's an awfully big bite especially when the reports are that there's very big wheat supplies in Russia and in Europe, so those things may temper any kind of significant rally."
Chicago Sept Wheat prices closed yesterday up 14 ¼ at 474 ¾
Sept Corn was dn 1 ¾ at 341
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-70 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 4 ¾ ranging from 5-28 to 5-38 DNS wheat with 14 % protein, prices for Sept were up 2 ½ ranging from 5-71 ¾ to 5-76 ¾
Live Cattle for Oct were dn $.67 ½ at 93.52 ½ Sept Feeder cattle are dn $.52 ½ to 132.20 Sept Class III milk was up .12 cents at 18.08
