Marketline Report for Friday, August 2nd
This is Bob Larson with the Market Line Report for Friday, Aug 2nd. Cattle kicks off a new month with a bounce higher in Thursday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Cattle is higher. It definitely has a new-month rebound. Today, August 1, maybe we get a little bit of a fresher look, but can it hold or even offer any support in the market. The short-covering is also helping and gave the market a little bit of a lift and even an uptick in the beef demand is helping. We thought that maybe it would help even a little bit further because the grains have been falling pretty drastically over the last number of sessions. We didn't get as big a lift as we thought as it shows in the feeders because today, feeders were lower. That follow through selling pressure from yesterday just can't be stopped right now. For the summer, right now, trading is kind of at a lull and that's where it is seasonally for July and August."
Chicago Sept Wheat prices closed yesterday dn 11 ½ at 479 ¼
Sept Corn was dn 7 ½ at 393 ½
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 7 ranging from 5-40 ¾ to 5-45 ¾ DNS wheat with 14 % protein, prices for Aug were dn 1 ranging from 5-93 ½ to 5-98 ½
Live Cattle for Aug were up $.97 ½ at 108.00 Aug Feeder cattle are dn $.30 to 140.95 Aug Class III milk was dn .03 cents at 17.22
