More Pressure In Cattle

This is Matt Rice with the Market Line Report for, Sep. 2nd. More pressure in the cattle market after yesterday's market came to a close, producers looking for some sort of rally. Here's Oliver Sloup with II Trader from the floor of the CME in Chicago.

Sloup "Happy Thursday to you from the floor of the CME here in Chicago, I'm Oliver Sloup with II Trader and your meat market update. We are seeing a lot of pressure in that cattle market. Testing limit down for the live cattle in that Oct. contract. Key level that we're looking at to round out the week, is going to be that $1.01 level. If we break below that, I wouldn't be surprised to see a little bit of additional selling pressure towards that 99 level. We are starting to get towards that oversold level as we've seen a lot of pressure over the past 2 weeks."

Chicago Dec. Wheat prices closed yesterday up 6 ½, at 394 ½. Dec. corn ended the day up 8 ¼, at 323 ½. Portland prices for soft white wheat of Ordinary Protein for Dec. were up 6 ½ - unch, ranging from 4-64 ¾ to 4-88. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were up 9, ranging from 4-91 ½ to 5-26 ½. DNS wheat with 14 % protein, prices for Dec. were up 4 ¼, ranging from 5-81 to 6-11. Dec. Live Cattle were dn $2.97 ½ on the day, at 105.37 ½. Nov. Feeder cattle were dn $3.67 ½, at 131.65. Nov. class III milk was dn 25 cents at 16-56.