Cattle Rally

This is Matt Rice with the Market Line Report for July 15th. Cattle testing key technical levels rallying in both Live and Feeders. Here's Oliver Sloup with II Trader from the floor of the CME in Chicago with the USDA.

Oliver Sloup"Happy Thursday to you from the floor of the CME in Chicago, I'm Oliver Sloup with II Trader and your meat market update. We are seeing some green across the board, the rally continues in the live and feeder cattle. Live cattle, that August contract $1.15 12 is going to be resistance, that's the 50 day moving average. For the Feeder cattle, we're looking at about a $1.44 02, we failed out against that several times and have not closed out above that since the beginning of March."

Chicago July Wheat prices closed yesterday dn 4 ½, at 431 ¼. July corn ended the day dn 3 ½, at 361 ¾. Portland prices for soft white wheat of Ordinary Protein for July ended the day unch to up 26 ¼, ranging from 5 even to 5-46. Hard Red Winter wheat with 11 ½ % protein, prices for July had a mixed market dn 4 ¾ and up 5 ¼, ranging from 4-87 ¾ to 5-07 ¾. DNS wheat with 14 % protein, prices for July were dn 2 ½, ranging from 5-75 to 5-95. Aug Live Cattle were rebounding today, up $1.27 ½, at 112.57 ½. Aug Feeder cattle were up $242 ½ cents to close the day at 141.77 ½. July class III milk was up 10 cents at 15-35. Necessarily