WASDE Report Proves Bearish
The USDA WASDE report was bearish just about everything. World wheat ending stocks got another million metric ton boost, U.S. wheat ending stocks increased by 86 million bushel. USDA Grain and Livestock Reporter Greg Sanders gives an update of last week’s cattle markets in the region.
Sanders: On the direct cattle in Oregon, Washington and Idaho we had 7950 head. Feeder cattle were five to 10 dollars higher due in part to lower corn prices. 850 to 900 pound steers for fall delivery — August through October delivery — $203 to $209 FOB the ranch. And calves 600 to 700 pounds for fall deliver October through November $225 to $235.”
Chicago September Wheat ended Friday down 22 and 3/4 cents at 5-26. September corn ended the day down 8 cents at 3-78 and 1/4.?Portland prices for soft white wheat were mixed down 22 and 1/2 to up 10 cents at mostly 6-66 and 1/2. White club wheat prices were down 6 and 1/2 to 22 and 1/2 cents at mostly 7-16 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 11 cents at mostly 7-21 and 1/4. DNS wheat with 14 percent protein prices were down 13 cents at mostly 8-10.
August live cattle were up 97 and half on Friday at 149-12 and half. August Feeder cattle were down 22 and half cents at 210-37 and half. August class III milk was up a dime at 20-70.