Marketline Report for Wednesday, August 13th
SHELLADY ... "Let's wander over to see what happened to feeder cattle. Look, we've got some big traders out there, speculators, thinking that, hey maybe the protein side of the equation might do better. Well, it hasn't, right? We had a big fire. We've all heard about that. That's old news now, but it's going to be closed indefinitely. We've got a lot of guys on the wrong side of the boat here like I've been talking about in corn. You can see how violent these moves are because it means that a lot of folks had something on the wrong way. Now, to give you a good visual about how we're going to have to deal with this, it's just kind of a bowling ball going through a snake. It's slowly but surely going to work its way through the system. One part of it's going to be bigger than everything else. We'll have to deal with that. That's going to be an operational logistics thing. It will definitely be in our rear-view mirror and we're only talking say about 6% of the beef."
Chicago Sept Wheat prices closed yesterday up ¼ at 472 ¾
Sept Corn was dn 19 ¼ at 365 ¾
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day dn 13 ranging from 5-55 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 8 ¾ ranging from 5-08 ½ to 5-13 ½ DNS wheat with 14 % protein, prices for Aug were dn 6 ranging from 5-78 ¼ to 5-83 ¼
Live Cattle for Aug were dn $4.50 at 100.55 Aug Feeder cattle are dn $6.67 ½ to 127.97 ½ Aug Class III milk was dn .03 cents at 17.58