A Pivotal Point

I'm Susan Allen with the Market Line Report for August 11th. Feeder cattle are at a pivotal point depending on what the corn prices do over the next few days. Jack Scoville reports from the floor of the CME.

Scoville: " Hi, stronger market in the live cattle futures. Weaker in in the live cattle and hogs over the course of the day Monday. Live cattle supported by some late trade in the cash market on Friday. Packers paying higher prices after seeing nothing happen all week long. After most of the traders going home on Friday packers bid the market up. Also some reports in the wholesale beef market providing some buying support as well."

Chicago September Wheat ended Monday up 15 even at 523 3/4. September corn ended the day up 17 1/2 at 390 1/4. Portland prices for soft white wheat of ordinary protein for August New Crop, ended the day up 15 even, at mostly 5.73 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for August New Crop were up 26 ½ to 16 ½, at mostly 5.84 1/2. DNS wheat with 14 % protein, prices for August were up 9 1/4, at mostly 6-21 1/4.August live cattle closed last week up 87 1/2 cents, at 150.45. August Feeder cattle were up 47 ½ cents, at 214.60. August class III milk was down 1 cent, at 16-46.