Marketline Report for Monday, July 15th
McGATHEY ... "Live cattle was firm. That strong underlying support is really building in spite of the fact that the grain market was higher. We were able to still get a couple of upticks in that live cattle. There's better cash trade today. It gave some relief to some of the traders in offering some short-term stability and we're comfortably off our lows right now and just kind of creeping up hoping that we can continue to build, certainly, more support. There is some concerns though because the feeders were lower, actually a lot lower and it's just showing that the optimism is kind of losing a little bit of traction especially because the grains had a jump up as well. Interestingly enough, that USDA report that came out yesterday was bearish and yet the market and corn and wheat and soybeans rallied yesterday and continued to rally today."
Chicago July Wheat prices closed yesterday up ¾ at 536 ¼
July Corn was up 1 ¾ at 449 ¾
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 5 ¾ ranging from 5-92 ¼ to 6-02 ¼ DNS wheat with 14 % protein, prices for July were up 1 ½ ranging from 6-17 ¾ to 6-27 ¾
Live Cattle for Aug were up $.60 at 108.50 Aug Feeder cattle are dn $1.02 ½ to 141.50 July Class III milk was dn .01 cents at 17.34