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Bob Larson Marketline Report for Monday, June 24th
by Bob Larson, click here for bio

Program: Market Line
Date: June 24, 2019

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This is Bob Larson with the Market Line Report for Friday, June 21st. Traders express concern over long-term price decline in cattle. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “We saw some pressure all the way across the board. Cattle was lower. Concerns of real long-term decline had some of the traders a little bit worried and it seems that the summer just won’t show up. Here in Chicago right now, the weather is still relatively cool. We haven’t really had that big, robust start to the grilling season, but we have to kind of see because we’re leading into the cattle on feed report that’s coming today and it looks like the estimates may be pretty much unchanged. If that happens, we can see the market continue to just kind of sag somewhat and, unless we get a whopper of a number, that might get a little bit of a boost. We were really hoping that as we’re approaching the Fourth of July we could get a little bit of a shot in the arm and maybe some domestic demand going forward.”

Chicago July Wheat prices closed yesterday dn ½ at 526

July Corn was dn 7 ¾ at 443 ½

Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were dn 8 ranging from 6-02 ½ to 6-07 ½ DNS wheat with 14 % protein, prices for Jun were dn 2 ¼ ranging from 6-11 to 6-21

Live Cattle for Jun were dn $1.62 ½ at 107.07 ½ Aug Feeder cattle are dn $1.02 ½ to 133.87 ½ Jun Class III milk was up .01 cents at 16.30

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