Marketline Report for Thursday, September 12th
McGATHEY ... "Today in the livestock market, cattle rebounded. That follow-through buying definitely lifted the futures. We just saw it really come off the bottom from two days ago, on Monday, when the market really bottomed out. But, it's really come off solidly now. Cash trade and demand still is kind of slow, but it seems like the technicals really were stepping in and raised the bids and provided possibly a new up-trend. It's only been a couple of days. It's hard to distinguish whether this is going to be a new trend, but still was up very strong today. Interestingly enough, the feeders today, they also surged even more than live cattle. The new gains did gain some momentum here and so it could be that maybe we're going to finally start to lead this market back up."
Chicago Sept Wheat prices closed yesterday dn 7 at 480 ¾
Sept Corn was dn ¼ at 349 ½
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-70 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 5 ¼ ranging from 5-28 ½ to 5-38 ½ DNS wheat with 14 % protein, prices for Sept were dn 1 ½ ranging from 5-77 ¼ to 5-82 ¼
Live Cattle for Oct were up $2.35 at 98.85 Sept Feeder cattle are up $2.17 ½ to 136.50 Sept Class III milk was up .03 cents at 18.23