Small Rally in the Grains

I’m Tommy Allen with the Market Line Report for September 9th. It looks like there has been a small rally in the grains over the Labor Day Weekend. Here’s Todd Horwitz with his input, from the floor of the CME.

 

Horwitz: Tuesdays grains saw a relief rally, a market that didn’t get destroyed over the weekend. I think the rally is here to stay, although we have the crop report on Friday. I think that the lows are probably in here. We could probably touch lower but certainly any significate move to the down side I would be a buyer.

 

Chicago September Wheat ended yesterday up 7 1/2, at 465. September corn ended the day up 5 1/2 at 355.

Portland prices for soft white wheat of ordinary protein for September, are up 7 1/4, at mostly 5-33. Hard Red Winter wheat with 11 ½ % protein, prices for September are up 2 ¼, at mostly 5-67. DNS wheat with 14 % protein, prices for September were up 1 ¾, at mostly 6-14 even. October live cattle closed yesterday up $3.00, at 143.47 1/2. October Feeder cattle were up $3.70, at 199.40. October class III milk was down 6 cents, at 16-31.