Marketline Report for Tuesday, July 10th
McGathey ... "Today, cattle lower. Cash prices did fall and the cattle weights are on the rise. We're entering a seasonal slowdown, kind of a downturn in the volume of meat at this time. And, normally we would get a little bit of a pullback in the market. The boxed beef prices are also a little bit lower. As reported by the USDA report, the feeders were falling. Beef supplies still remain pretty plentiful. There has been also some technical selling so we've got to watch that. Any kind of follow through selling like that could push it down a whole 'nother level. And so, it looks like that there is some worries that the cash prices are also headed a little bit lower and so everyone's giving up some of their positions."
Chicago July Wheat prices closed yesterday dn 5 at 506 ¼
July Corn was dn 6 at 346 ¼
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-80 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 4 ranging from 6-21 to 6-36 DNS wheat with 14 % protein, prices for July were dn 10 ¼ ranging from 6-63 to 6-73
Live Cattle for Aug were dn $.25 at 106.07 ½ Aug Feeder cattle are dn $.75 to 151.32 ½ July Class III milk was dn .04 cents at 14.16