Marketline Report for Monday, August 12th
McGATHEY ... "The limited cash trade today was really difficult to develop right now. The packers seem to be digging in and kind of stalling the market somewhat. The uncertainty is really pushing the market sideways and, of course, we're waiting for that big USDA grain report on Monday that could give us an idea in which way the feed prices are going to go and I think that it might dictate the direction of some of the livestock market, not in a full way, but it definitely will have an effect. The feeders were easier as well. Fundamentals were looking a little bit optimistic, but we really have broken away from those grain prices that we have been in lock-step with all summer long and it seems that, for the time being, commercials have stepped in and really had some underlying support here."
Chicago Sept Wheat prices closed yesterday up 1 at 500
Sept Corn was dn ¾ at 409 ¾
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day dn 7 ranging from 5-68 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 1 ½ ranging from 5-42 to 5-47 DNS wheat with 14 % protein, prices for Aug were dn ¾ ranging from 5-94 ¾ to 5-99 ¾
Live Cattle for Aug were up $.10 at 108.17 ½ Aug Feeder cattle are dn $.95 to 138.65 Aug Class III milk was up .07 cents at 17.61