Marketline Report for Friday, August 30th
SHELLADY ... "Okay, well we haven't talked about corn in a little while, so let's talk about corn. On the charts, the technicians were looking at an old May low. We got within a half a cent of covering that just yesterday. So, is that going to be good enough, are the technicians going to be happy with that? Is it like horseshoes? Is it like grenades? Are we close enough? Only time will tell, but a lot of times they call it, 'as good as,' so keep that in mind. We don't absolutely have to fill it. If enough technicians out there think it's filled, then they have their own self-fulfilling prophecy and we can rally from there. So, we'll if we can get some folks onboard and pour some kerosene on this thing. And, another thing, the thing that lights the kerosene, is the fact that now the funds or managed money are now short about 100,000 contracts of corn."
Chicago Sept Wheat prices closed yesterday dn 2 ½ at 470
Sept Corn was dn 3 at 358
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 5-55 to 5-75 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were dn 5 ranging from 5-12 ¼ to 5-17 ¼ DNS wheat with 14 % protein, prices for Aug were dn 8 ranging from 5-54 ½ to 5-59 ½
Live Cattle for Aug were up $.57 ½ at 105.70 Aug Feeder cattle are up $.40 to 138.75 Aug Class III milk was up .02 cents at 17.61