Marketline Report for Thursday, June 20th
SHELLADY ... "Well, you know, when we talk about the grain market, the grain market they're also inputs for a lot of other markets. So, let's kind of jump the fence and go over to lean hogs. Grains are some of the inputs there and when you have your input prices go up, like we've seen happen over in the grain complex, well, that's kind of a black cloud on your protein complex, whether that may be lean hogs or feeder cattle or the like. So, talking about lean hogs, if you've taken a look at that chart, pretty ugly, it's pretty straight down. It goes from the lower to the upper right and then we've kind of fallen off a cliff here and it doesn't look very good. We've tried to kind of build a bottom there, but it's been harder, especially when you see the black cloud of higher input prices staring right in the face because of what's happening with the cool and wet weather with the grain market. See how this is all intertwined?"
Chicago July Wheat prices closed yesterday dn 9 ¼ at 521 ½
July Corn was dn 8 ¾ at 440 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 7 ¾ ranging from 6-07 ½ to 6-12 ½ DNS wheat with 14 % protein, prices for Jun were dn 10 ¾ ranging from 6-16 ½ to 6-26 ½
Live Cattle for Jun were dn $.95 at 108.55 Aug Feeder cattle are dn $.72 ½ to 136.50 Jun Class III milk was up .03 cents at 16.31