Marketline Report for Thursday, August 1st
This is Bob Larson with the Market Line Report for Thursday, Aug 1st. Cattle falls Wednesday after lower cash trade on Friday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, a lot of activity. Cattle was down. The lower cash trade from Friday just continued on all during the beginning of the week. That long-term trade problems are really worrying a lot of traders. It seems that the futures did break through a few support levels and even with the grains lower, you thought that that might give some support to these markets, but it definitely did not do it this time especially looking at the feeders. Now, the feeders fell. The optimism is really dismal there and there's almost no interest in stepping in front of this fall right now. The long-term support we knew was going to be a struggle, but everyone's just completely giving way."
Chicago Sept Wheat prices closed yesterday dn 10 at 486 ½
Sept Corn was dn 11 at 400 ¼
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 10 ¾ ranging from 5-47 ¾ to 5-52 ¾ DNS wheat with 14 % protein, prices for July were dn 9 ¼ ranging from 5-94 ½ to 5-99 ½
Live Cattle for Aug were dn $1.20 at 106.85 Aug Feeder cattle are dn $1.57 ½ to 141.40 Aug Class III milk was dn .22 cents at 17.30
