Marketline Report for Wednesday, September 11th
This is Bob Larson with the Market Line Report for Wednesday, Sep 11th. The grain market moves higher Tuesday after several days on the downside. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Let's talk about the grains. They're a big input for those grain prices. And, I think the interesting one would have been corn. Four days in a row, we had a new low. That didn't portend well, but after a $1.20 selloff from the highs to the lows and a USDA report around the corner, what do you think most traders did that were short and have benefited from that move? Well, you can see by the pricing on the boardl, so they were green across the board, we had some buyers come back into the market, I would say largely a lot of short-covers just to kind of get squared before the report, but also, you don't want to look that trading got in the face and kind of thumb your nose at the fact that you've just been given some decent profits. You might want to take them off before the WASDE report on Thursday because that could really shake things up."
Chicago Sept Wheat prices closed yesterday up 10 at 485 ¼
Sept Corn was up 7 ¾ at 349 ½
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 5 ¾ ranging from 5-33 ¾ to 5-43 ¾ DNS wheat with 14 % protein, prices for Sept were up 7 ranging from 5-78 ¾ to 5-83 ¾
Live Cattle for Oct were up $1.95 at 96.50 Sept Feeder cattle are up $1.07 ½ to 134.30 Sept Class III milk was up .13 cents at 18.20
