Marketline Report for Monday, June 17th
McGATHEY ... "The weaker wholesale beef prices really exposed that soft bottom of the market and there's concerns that prices may remain low for the rest of the summer. It's got some people worried. Let's take a look at the feeders, they were also lower and that's pressed from the corn rally. Interestingly enough, as the grains are making new highs, traders are seriously worried about the high price and low quality of feed will have long-term effects on these markets. So, the feeders were lower than the live cattle market and I think that they are leading the way down if we don't get any king of an uptick in the market. The grilling season was a little bit delayed. We do have wild weather ahead. Maybe that will give us a little more domestic demand and start to move this market higher."
Chicago July Wheat prices closed yesterday up 3 at 539 ½
July Corn was up 11 at 453 ¼
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 up 8 ranging from 6-26 ¼ to 6-51 ¼ DNS wheat with 14 % protein, prices for Jun were dn 3 ranging from 6-43 ¼ to 6-53 ¼
Live Cattle for Jun were dn $.27 ½ at 108.80 Aug Feeder cattle are dn $.70 to 135.37 ½ Jun Class III milk was dn .04 cents at 16.27