Marketline Report for Thursday, September 5th
This is Bob Larson with the Market Line Report for Thursday, Sep 5th. The wheat market rebounds on bargain buying Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat did rebound in a pretty big way. Bargain buying did spark some rally. We know it was severely oversold and we brought in a lot of technical traders that kind of gave it a little bit of a boost. But, be careful as well because the drought in Australia could give the market real strength here on the upside. Overall, we are in a long-term down-trend so maybe this is just a little bit of a recovery before we continue down. Normally, we're in harvest time. It's very depressed. It's difficult for the market to really rally significantly, but today the market looked very, very good. Now, all eyes are going to be on the WASDE report coming next week, Thursday, 11-o'clock Chicago time, and I think as we lead up to that we're going to see volatility start to increase in all the grains across the board."
Chicago Sept Wheat prices closed yesterday up 9 at 459
Sept Corn was dn 3 ¾ at 345
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-70 to 5-73 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were up 2 ¼ ranging from 5-04 ½ to 5-24 ½ DNS wheat with 14 % protein, prices for Sept were up 7 ranging from 5-64 to 5-74
Live Cattle for Oct were dn $.25 at 99.22 ½ Sept Feeder cattle are up $1.40 to 135.57 ½ Sept Class III milk was up .02 cents at 17.74
