Marketline Report for Wednesday, August 30th
This is Bob Larson with the Market Line Report for Wednesday, August 30th Wheat prices continue a weak trend. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "It's been a pretty bad start to the week. Corn market's following a fairly normal seasonal pattern. You know, in a normal year we'll put in some sort of summer high, which we saw in July, followed by a deterioration into harvest and that's kind of what we're in the midst of right now. So, the market very, very weak in a time where it usually is weak during the calendar year. A lot of this revolves around U.S. crop prospects. USDA told us on August 10th that the U.S. corn yield is going to be quite a bit bigger than what most traders had expected and that's part of what sparked the big sell-off here. So, the trade now becoming very comfortable with the idea that we've got a near-trend U.S. corn crop and that supplies are certainly are not going to be an issue."
Chicago Sept Wheat prices closed yesterday up 2 ¾ at 403 ½
Sept corn was dn 2 ¼ at 333 ¼
Portland prices for soft white wheat of Ordinary Protein for September ended the day dn 3 ranging from 4-90 to 5-25 Hard Red Winter wheat with 11 ½ % protein, prices for September were dn 9 ½ ranging from 4-72 ¼ to 5-36 ¼ DNS wheat with 14 % protein, prices for September were dn 7 ¼ ranging from 7-27 ½ to 7-67 ½
Live Cattle for Aug were dn .95 at 104.97 ½ Aug Feeder cattle were up $.17 ½ to 142.52 ½ Sept Class III milk was dn .12 cents at 16.34.
