No New News with Wheat Cattle Markets Remains Strong

Wheat market seems to be more focused on global conditions which are in good shape. With the same old same old from the grains floor — Scott Shellady shares more from the livestock markets on Thursday.
Shellady: “We had the USDA announced that production of beef would not be so much. We’ve seen beef prices today really gain. Ultimately all the meats are up on the day. They look pretty good. The only thing I’m worried about is we are trying to have a recovery here. Now that we have Mid-East tensions happening — we’ve got oil prices at $105, $106, $107 and could get as high as $110 if you look at a chart. We’ve got herd numbers down and production numbers down. There really is a lot of consumption tax happening here.
Chicago September Wheat ended Thursday down 4 and 1/2 cents at 5-97. September corn ended the day up 2 and 1/2 cents at 4-40.
Portland prices for soft white wheat were mixed down 4 to up 15 and 3/4 cents at mostly 6-87 and 3/4. White club wheat prices were mixed down 4 to up 40 and 3/4 cents at mostly 7-17 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 1 and 1/4 to 6 and 1/4 cents at mostly 7-83 and 1/2. DNS wheat with 14 percent protein prices were mixed down 2 to up 3 cents at mostly 8-21.
August live cattle were up $2.85 on Thursday at 145-05. August Feeder cattle up $2.97 and half at 205-85. July class III milk was down 20 cents at 20-88.