Cattle Market Gets Soft

Cattle Market Gets Soft. I’m Greg Martin...this is Marketline.

August cattle closed 75 lower on the session and down 90 for the week. A continued weak trend in beef prices last week and continued concerns over consumer beef demand after 4th of July bookings are complete have helped to hold futures at a good discount to the previous week's cash market.

The corn market traded lower early in the session but July corn caught a strong bid late in the day to push it up double digits into the close.

Wheat futures traded lower on Friday on souring technical charts that continue to keep bulls honest amid mostly favorable Northern Hemisphere weather conditions.

The House is expected to pick up their end of the farm bill this week which might have a bolstering effect on the markets. Time will tell.

Now taking a look a a few selected prices:

Chicago July Wheat ended the day off 4 and 3/4 at 680 3/4.
July corn was up 11 and a half at 655 even.
Portland prices for soft white wheat and club wheat were down 5 to up 3.25 at mostly 7.27 3/4.
Hard Red Winter Wheat with 11.5 pct protein prices were down 7 at mostly 8-41 1/2.
DNS wheat with 14 pct protein prices were down 10 to 8 at mostly 9.12.
August live cattle were down 75 cents at 118.32 and a half.
August Feeder cattle were down 2.07 and a half at 143.40.
July class III milk was down 6 cents at 18.03.

I’m Greg Martin and that’s Market Line on the Ag Information Network.