Marketline Report for Friday, September 1st
Vaclavik ... "Corn market was higher for a change of pace. We had had four consecutive lower closes in the December corn contract prior to today. The contract actually posted some fresh life of contract lows earlier this week so a little bit of rebound effort here today. You know, a lot of people are talking about the seasonal tendency of the corn market and the general seasonal tendency is for that market to post some sort of summer high followed by low sometime around October 1st. Now, last year, we posted our low on the last day of August and that's something that's still fresh in the mind of some traders. Could we be seeing the same thing again this year? I suppose it's possible, but you've got to be working with the idea that some lower prices may still be very possible during the next four or five weeks."
Chicago Sept Wheat prices closed yesterday up 6 ¾ at 410
Sept corn was up 12 ¾ at 341 ¾
Portland prices for soft white wheat of Ordinary Protein for September ended the day unch ranging from 4-90 to 5-12 Hard Red Winter wheat with 11 ½ % protein, prices for September were up 8 ½ ranging from 4-83 ¾ to 5-56 ¾ DNS wheat with 14 % protein, prices for September were dn 14 ¾ ranging from 7-08 ½ to 7-50 ½
Live Cattle for Aug were dn 1.02 ½ at 104.05 Aug Feeder cattle were dn $.17 ½ to 142.75 Sept Class III milk was dn .13 cents at 16.14