Marketline Report for Thursday, June 13th
McGATHEY ... "Cattle was lower. Those sagging beef prices may last till the end of the summer and that has traders a little bit worried. The late start to the grilling season really set back futures a lot and its struggling for some footing to find its way. The technical resistance numbers are capping any upturns so far in the market. That being said, we are oversold, you know. Maybe we will have a snapback. It certainly didn't happen today, especially when you thing about the feeders. The feeders fell today. Gains on the grain side really weighed on the futures right now and it seems that the feed prices are definitely going to go up as corn continues to march higher."
Chicago July Wheat prices closed yesterday up 8 ¼ at 526 ½
July Corn was up 2 ¼ at 429 ¾
Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were dn 14 ¾ ranging from 6-12 ¾ to 6-37 ¾ DNS wheat with 14 % protein, prices for Jun were dn 4 ¾ ranging from 6-44 ¾ to 6-54 ¾
Live Cattle for Jun were dn $1.02 ½ at 109.62 ½ Aug Feeder cattle are dn $.32 ½ to 137.87 ½ Jun Class III milk was dn .06 cents at 16.29