Both Cattle and Grain Futures Down on Thursday
I’m in John Day at the Oregon Cattlemen’s Association MidYear so today lets focus on the cattle future prices. From the floor of the CME Group, Oliver Sloup shares his observation of Thursday’s markets.
Oliver: “A lot of pressure across the board today live cattle and feeder cattle trading a little bit lower. Let’s start with the live cattle market live cattle really trading at a range the past several of months. I think we are going to continue to see that happen right in between $150 and $155 ping ponging around there with light volume for several seasons in a row now. If you're sitting on the side lines in this market and are want to jump in — you are going to want to look for a break out or a break down on heavier volume. Again that is is $150 to $155 risk range going forward. If you look at the feeder cattle market, it has really been on a tear for the last couple of sessions.”
Chicago July Wheat ended Thursday down 9 and 1/4 cents at 5-04 and 1/4. July corn ended the day down 3/4 of a cent at 3-56 and 1/2.
Portland prices for soft white wheat of ordinary protein were steady to down 9 and 3/4 cents for August delivery of new crop ranging between 5-85 and 6-06 and 1/2. White Club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 7 and 1/4 to 12 and 1/4 cents at mostly 6-18 and 1/4. DNS wheat with 14 percent protein prices were down 4 and 1/4 cents at mostly 7-25 and 3/4.
August live cattle were down 60 cents on Thursday at 152.92 and half. August Feeder cattle were down 52 and half cents at 226.25. July class III milk was up 3 cents at 17-51.