Wheat Rebounds Higher
Solid export news and hopes that China and Brazil may import more US wheat helped support the market Monday. From the floor of the CME Group, Derek Nelson shares his observations of Monday's cattle markets.
Nelson: "Monday in the livestock markets were bullish price action across the board. As the markets disseminated Friday's release of the Cattle on Feed Report. All cattle on feed was down 7.2 percent for the month of August year-over-year at the low end of estimates. While cattle placements were down a muffled 10.9 percent -- the lowest receipt since 1996. We had strong cash price action on Friday and I expect to see more of the same this week as projections are now estimated that we are going to see continued tightness in the coming months."
Chicago December Wheat ended Monday up 7 and 1/4 cents at 6-53 and 1/2. December corn ended the day up 2 and 1/4 cents at 4-53 and 1/4.??Portland prices for soft white wheat were up 3 and 3/4 to 7 and 1/2 cents at mostly 7-03 and 3/4. White club wheat prices were up 7 and 1/4 cents at mostly 7-33 and 3/4. There were no bids for nearby delivery for neither Hard Red Winter Wheat with 11.5 pct protein nor DNS wheat with 14 pct protein.
?October live cattle were up 65 cents Monday at 126-60. October Feeder cattle were up $1.87 and half at 162-10. October class III milk was down 17 cents at 17-92.