Marketline Report Tuesday, July 11th
This is Bob Larson with the Market Line Report for Tuesday July 11th. Weather continues to impact the wheat market as prices soared yesterday. From the floor of the CME in Chicago, here's Virginia McGathey ...
McGathey ... "Today, wheat was climbing higher again. Draught in the Great Plains has decimated the high protein portion of the U.S. crop. These sizzling temperatures continue to strangle a lot of the grains and the damage is really expanding to the western Midwest areas that are affecting all of the markets across the board, soybeans for one. Today, soybeans was soaring today, up almost 30 cents. Hot and dry weather is really threatening that crop right now. The nerves, markets are really nervous and it certainly looks like it continues to spike through the market and we're well above the $10 mark. You know, now we're looking at $10.50 and maybe $11 dollars."
Chicago July Wheat prices closed yesterday up 15 ¼ at 531 July corn ended the day up 9 ½ at 392
Portland prices for soft white wheat of Ordinary Protein for August ended the day up 14 ranging from 5-57 to 5-58 Hard Red Winter wheat with 11 ½ % protein, prices for August were up 14 ½ ranging from 6-27 ¼ to 6-52 ¼ DNS wheat with 14 % protein, prices for August were up 30 ¾ ranging from 8-97 ½ to 9-12 ½
Live Cattle for August were dn $.95 at 113.70 Aug Feeder cattle were dn $.35 at 144.50 July Class III milk was dn $.03 cents at 15-55.
