Marketline Report for Monday, August 16th
This is Bob Larson with the Market Line Report for Monday, August 16th. Boxed beef prices hit their highest level in a month. From the floor of the CME in Chicago, here’s Ted Seifried.
SEIFRIED … “The cattle market had a really nice reversal higher on Thursday, but was unable to see any significant follow-through on Friday. This is all coming in the midst of very strong boxed beef prices. The domestic demand has been really, very strong pushing those boxed beef prices higher, and what that is doing is it’s offering packers very strong profit margins at the moment. So, the idea is that those strong profit margins should allow for the opportunity for higher cash prices in cattle. However, we have not really seen that pan out yet, so to some extent I feel like the market is getting a little bit frustrated with that.”
Chicago Sept Wheat prices closed yesterday up 8 ¼ at 761 ¾
Sept Corn was dn ¾ at 572 ½
Portland prices for soft white wheat of Ordinary Protein for Aug ended the day unch ranging from 9-60 to 10-00 Hard Red Winter wheat with 11 ½ % protein, prices for Aug were up 28 ½ ranging from 8-42 ¼ to 8-77 ¼ DNS wheat with 14 % protein, prices for Aug were up 23 ½ ranging from 10-37 ¼ to 10-66 ¼
Live Cattle for Aug were dn $.32 ½ at 128.17 ½ Aug Feeder cattle are up $.62 ½ to 166.25 Aug Class III milk was up .07 cents at 16.19
