Stock Market takes a toll on grain market

Stock Market takes a toll on grain market

Matt Rice
Matt Rice
I’m Matt Rice with the Market Line Report for August 26th. The market is still in the red after last week’s drop, the stock market is having some effect on the grain market along with the global meltdown. Here’s Todd Horwitz, from the floor of the CME to explain his observations.

 

Horwitz: “I think what we are seeing is obviously we have a global meltdown, we’ve got major problems everywhere. Putting more pressure on a market that already had some pressure on it. This is a very concerning area, this is a key spot. I would much rather be on the sideline here on the bean markets, waiting to see what happens from here, but I’m leaning towards the long side. I think wheat continues to be the same story, every time we get down to $4.90- $5.00 in December wheat, you want to be a buyer.”

 

Chicago September Wheat ended Friday down 8 1/4 at 4-96 1/2. September corn ended the day down 9 3/4 at 366 1/4. Portland prices for soft white wheat of ordinary protein for September, mostly 5.6100, ranging 5.5000-5.7200 dn 8.25-up 7.00. Hard Red Winter wheat with 11 ½ % protein, prices for September were mostly 5.5100, ranging 5.4100-5.7100 dn 9.75-4.75. DNS wheat with 14 % protein, prices for September were 5.8675-6.1675 dn 7.75. August live cattle closed Friday down $.35, at 143.50. August Feeder cattle were down $.22 1/2, at 210.60. September class III milk was up 1 cents, at 16-41.

 

 

 

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