China's influence on the Market

I'm Matt Rice with the Market Line Report for August 14th. China has devalued their currency twice this week causing volatility in the livestock market. Let's hear Oliver Sloups Perspective on this from the Floor of the CME and II Trader.

Sloup: "Happy Thursday, from the floor of the CME in Chicago this is Oliver Sloup with II trader, coming to you with your livestock update. It has been a choppy trade over the last couple of days. Some of the things we're looking at is a failure to break out, above some key resistant levels in the both the feeder and the live cattle. $1.50 for the live cattle and $2.15 for the feeders are going to be the key levels of resistance. Watching the cash trade very carefully as well, outside of that we are watching China. China has devalued their currency twice this week."

Chicago September Wheat ended Thursday up 11 even at 503 1/2. September corn ended the day up 6 1/2 at 364 even. Portland prices for soft white wheat of ordinary protein for August, ended the day up 11, at mostly 5.56 1/4. Hard Red Winter wheat with 11 ½ % protein, prices for August New Crop were up 10, at mostly 5.63 1/4. DNS wheat with 14 % protein, prices for August were up 8 ¾ to 18 3/4, at mostly 6-19 1/4. August live cattle closed yesterday up 25 cents, at 148.95. August Feeder cattle were up 7 1/2 cents, at 213.95. September class III milk was down a 6 cents, at 16-57.