Supply and Demand Report

This is Matt Rice with the Market Line Report for Thursday, Aug 12th. Todd Horwitz talks about the importance or lack there of, regarding the Supply and Demand report coming out tomorrow in the grain market . Here's Todd as explains more from the floor of the CME in Chicago with the USDA.

Horwitz "Wednesday's afternoon grains and you're seeing pretty much a mixed market in the grains. You are seeing corn pretty much relatively unchanged, plus or minus. Wheat's having a nice rally and corn's having a nice sell off. I think too many people are waiting to see what the supply and demand report is going to be on Friday. Again, as you know from me telling everybody. The report really means nothing unless you're getting ready to sell it on Friday. I think when you look at the bigger picture, you're seeing in my opinion, good solid bases being built."

Chicago Sept. Wheat prices closed yesterday Dn 5 ½, at 415 ¾. Sept. corn ended the day Dn 1 ½, at 320 ¾. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day Dn 3 ¾ to Unch, ranging from 4-86 ¼ to 4-95. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were up ½, ranging from 4-92 ¼ to 5-22 ¼. DNS wheat with 14 % protein, prices for Aug. were up 2 ¼, ranging from 5-88 ½ to 6-03 ½. Aug Live Cattle were dn 82 ½ cents, to finish the day at 115.75. Aug Feeder cattle were Dn $1, to close the day at 148.10. Aug. class III milk was up a penny at 16-99.