Marketline Report for Wednesday, August 21st
SHELLADY ... "It's kind of hard to ignore that corn market. We keep thinking we're going to get some sort of rally, find our footings. Overnight, we had a surprise drop in good to excellent, by 1%, but it was still a surprise. It was good enough for a little bit of a rally overnight, but guess what? When you can't rally on bullish news, what happens? Yeah, we started to sell off here again in this session. We lost our gains and actually finished up with some losses. So, that is a warning sign to traders out there, instructionally speaking. If the market can't break on bearish news or rally on bullish news, somethings wrong, right? So, that's giving us a little bit of pause for concern. Keep that in mind."
Chicago Sept Wheat prices closed yesterday dn 5 ½ at 458 ¾
Sept Corn was dn 5 ½ at 360 ¼
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-40 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 4 ½ ranging from 5-06 ¾ to 5-16 ¾ DNS wheat with 14 % protein, prices for Aug were dn 1 ½ ranging from 5-79 ½ to 5-84
Live Cattle for Aug were up $1.60 at 102.15 Aug Feeder cattle are up $.62 ½ to 136.30 Aug Class III milk was dn .01 cents at 17.61