Marketline Report for Monday, September 23rd
McGATHEY ... "The cattle was lower. Traders are really bracing for the on-feed report coming today right after the close. Very little adjustments from the USDA to the estimates right now. That kind of means that the expected impact should be relatively minimal. So, today the market was kind of quiet and we did have some slippage a little bit later in the day. That isn't much of an indication because it seems traders are really positioning for the report right now. Feeders did slip as well. The uptrend is still intact though so I think that it could be the real leader for the beef side anyway. Higher cash trade today and yesterday as trader are really positioning themselves right at the last minute and this USDA numbers are going to be really important."
Chicago Dec Wheat prices closed yesterday dn 3 ¾ at 484 ¾
Dec Corn was dn 2 at 371
Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-88 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 2 ranging from 5-52 ½ to 5-67 ½ DNS wheat with 14 % protein, prices for Sept were up 4 ranging from 6-04 ¼ to 6-14 ¼
Live Cattle for Oct were dn $.45 at 99.80 Sept Feeder cattle are up $.37 ½ to 140.50 Sept Class III milk was up .01 cents at 18.26