Marketline Report for Monday, September 16th
SHELLADY ... "Cattle was mixed. It really started a little bit better, not so much write home about, but the sluggish trade definitely steadied the futures to keep it solidly off the bottom where it was earlier in the week. But we have the end of the week stability a little bit and I think that it tells us the bottom is solidly in right now. Technicals are still pointing up, although this little sell-off at the end of the day has everyone a bit concerned. Feeders were firm today and the spillover support from the lean hogs helped it a lot. I think that some of the consolidation looks good for stability in the prices and it's a little bit of relief, but we are here at the end of the week and everyone takes a little bit of the profit off the table to relook at this."
Chicago Sept Wheat prices closed yesterday unch at 489
Sept Corn was up 1 at 358 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 dn 3 ¾ ranging from 5-29 ¾ to 5-39 ¾ DNS wheat with 14 % protein, prices for Sept were dn 1 ¾ ranging from 5-80 ½ to 5-85 ½
Live Cattle for Oct were dn $.65 at 98.10 Sept Feeder cattle are dn $.35 to 136.37 ½ Sept Class III milk was unch cents at 18.30