Marketline Report for Wednesday, June 26th
SHELLADY ... "Things just don't look good out there. And when you've got the problem of stuff going in the ground in a bad situation, maybe too wet, too cool, very late, you're going to have some yield degradation and that's going to be something that plays out all summer. But at the end of the day, we're not going to know until we pull it out of the ground. Now having gotten those good numbers, what concerns me is that we didn't see a real good jump today in those prices. Actually, corn finished unchanged and beans were lower on the day. But especially corn, you would have expected a better move higher on the back of those numbers and that's something that we talk a lot about in the trade, shoulda traded higher, but it didn't, hmm, that smells, right? That's a big yellow caution into a trader's mind. We got the news we wanted and we couldn't go higher on it because it really makes me nervous that we've exhausted the bulls. We can't find any new buyers. Keep that in the back of your brain."
Chicago July Wheat prices closed yesterday dn 2 ¼ at 535 ½
July Corn was up ¾ at 446 ¾
Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-75 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn ¼ ranging from 6-15 ¼ to 6-20 ¼ DNS wheat with 14 % protein, prices for June were up 5 ranging from 6-23 ½ to 6-33 ½
Live Cattle for June were up $.82 ½ at 107.87 ½ Aug Feeder cattle are dn $.45 to 131.60 June Class III milk was up .01 cents at 16.31