Marketline Report for Tuesday, July 9th
McGATHEY ... "The weaker values has caused some concern that there's a weakening of underlying support especially throughout the summer. Now, we're going to be looking for beef demand to be more of the focus and if we can get a little bit more of that maybe that might hold the market off from really slipping much further. Feeders were a little bit lower as well. Volatile grain prices are really causing some uncertainty. Now, for a while there, as the grains were coming down, the feeders were really starting to rally and starting to build up a little bit of momentum, but as that rally has slowed down as the grains have kind of been put in check right now. So, with that bounce, if the grains start to bounce back, we can see that the feeders will maybe slow down a little bit as well."
Chicago July Wheat prices closed yesterday dn 2 ½ at 514 ¾
July Corn was up 4 ½ at 438 ¾
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-13 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 4 ½ ranging from 5-55 ¾ to 5-75 ¾ DNS wheat with 14 % protein, prices for July were dn ¾ ranging from 6-07 ½ to 6-17 ½
Live Cattle for Aug were dn $.85 at 106.17 ½ Aug Feeder cattle are up $.07 ½ to 138.67 ½ July Class III milk was dn .02 cents at 17.36