Marketline Report for Friday, September 20th
McGATHEY ... "Seasonally, the market is pretty strong at this time and we did see a pretty good rally overall, but I think that some profit taking kind of ensued today and the futures didn't really rise above yesterday's high and so, with that, I think a few people are taking something off the table right now. The uptrend is still intact, however all the data is mostly bearish so we've got to be really careful about this. Is the wheat market creating a chasm that can be filled very quickly? We're going to watch and see. Still, a lot of data out there. We're right in the middle of harvest. There is some weather issues and, if nothing else, there isn't any frost coming and so it looks like the corn and soybeans and even the wheat will have a chance to mature in spite of the fact that we got it in the ground late."
Chicago Dec Wheat prices closed yesterday dn 1 ½ at 487
Dec Corn was up 1 ½ at 373
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-88 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn ¼ ranging from 5-54 ½ to 5-69 ½ DNS wheat with 14 % protein, prices for Sept were up 7 ranging from 6-00 ¼ to 6-10 ¼
Live Cattle for Oct were dn $.57 ½ at 99.80 Sept Feeder cattle are up $.07 ½ to 140.22 ½ Sept Class III milk was dn .02 cents at 18.25