Marketline Report for Wednesday, July 17th
SHELLADY ... "Let's take a look at the corn market. That's been the driver as of late. We're a bit in the middle of a weather market. We had crop conditions come out last night and good-to-excellent or improved by 1%. Apparently, that wasn't good enough to keep a bid under the market. We sold off pretty hard and fast after that and, also, if you're a technician, we kind of bounced off a resistance level above that level. So, it's very interesting technically looking at how we traded it as well as the fundamental news that we got with crop conditions. And, when I mean technical levels, we've got support and resistance lines that are, right now, trying or looking as though that they're forming a flag pattern or a pennant pattern. And, we did, really, after the news last night. We kind of touched up against that upper band and then we traded lower. And, again today, we got down to the lower end of that pennant formation."
Chicago Sept Wheat prices closed yesterday dn ¼ at 507 ½
Sept Corn was dn 5 ¾ at 435 ½
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 dn 2 ¾ ranging from 5-71 ¾ to 5-81 ¾ DNS wheat with 14 % protein, prices for July were dn 2 ¼ ranging from 6-05 ¼ to 6-15 ¼
Live Cattle for Aug were dn $.27 ½ at 108.15 Aug Feeder cattle are dn $.60 to 140.95 July Class III milk was dn .02 cents at 17.31