Marketline Report for Thursday, August 22nd
This is Bob Larson with the Market Line Report for Thursday, Aug 22nd. Optimism in the feeder market lifts cattle trader's spirits Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock complex, we saw cattle higher. Improved beef values have helped a lot. There's been a surge in that boxed beef portion that has increased packer margins. That's really helping and offering some underlying support. There's nice gains for the first time since July so that's keeping the market a little bit more buoyant. Feeders were also firmed up and that's just showing optimism is starting to gain some momentum. We're looking ahead to the Cattle On Feed Report coming on Friday. We're expecting possibly bullish news so that has traders a little bit more optimistic, as I said earlier. The gains keep moving up as the grain market keeps moving down so that definitely is going to help quite a bit. So, we're going to also keep an eye out for what's happening with the yields on the grain market."
Chicago Sept Wheat prices closed yesterday up 2 ½ at 462 ¾
Sept Corn was up 3 at 362 ¾
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 ½ ranging from 5-06 ¼ to 5-16 ¼ DNS wheat with 14 % protein, prices for Aug were dn 1 ¾ ranging from 5-77 ¼ to 5-82 ¼
Live Cattle for Aug were up $.87 ½ at 102.70 Aug Feeder cattle are up $1.07 ½ to 137.35 Aug Class III milk was dn .04 cents at 17.57
