Marketline Report for Tuesday, August 29th
This is Bob Larson with the Market Line Report for Tuesday, August 29th
Wheat prices take a hit from Hurricane Harvey. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGathey ... "Wheat, also, was down again and really a lot more than we expected. I think that Tropical Storm Harvey, Hurricane at one point, has really has really halted all the rail shipments down south and that definitely put a damper on prices. It added a much bearish pressure on to the futures all the way down. As a matter of fact, we're into an area where Kansas City wheat is holding a low that we haven't seen in eleven years. And that is such a surprised seeing as we had a high just two months ago, so a big swing in that market. The speculators, it certainly looks like they are starting to increase their short position. That's also starting to add some pressure on to the market."
Chicago Sept Wheat prices closed yesterday dn 9 ½ at 399 ¾ Sept corn ended the day dn 2 ¾ at 335 ¾
Portland prices for soft white wheat of Ordinary Protein for September ended the day up 3 ½ ranging from 4-93 to 5-25 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 7 ¾ ranging from 4-81 ¾ to 5-35 ¾ DNS wheat with 14 % protein, prices for September were dn 5 ¾ ranging from 7-34 ¾ to 7-74 ¾
Live Cattle for Aug were up .25 at 106.37 ½ Aug Feeder cattle were up $1.05 to 142.57 ½ Sept Class III milk was dn .20 cents at 16.44.
