Market Line Report for July 8, 2015
Horwitz: Lets talk about the reasoning of what's going on. First of all, world economy is in a little bit of trouble and will naturally create some selling pressure on the more expensive beef live and feeder cattle, why? Who can afford to buy them? We will see high prices, look for prices to work their way lower. Now besides all that, I think they are way overvalued to begin with, now we have a much stronger dollar. There are a whole bunch of reasons.Chicago September Wheat ended Tuesday down 10 and a 1/4 at 5-84 and 1/4. September corn ended the day down 3 and a ¼ at 4-23 1/4.Portland prices for soft white wheat of ordinary protein was up 4 and ¼ to down 10 and ¼ for August delivery of new crop, ranging between 6-49 and 1/4 to 6-85 and 1/4. White Club wheat of 10.5 % protein was down 10 and ¼ to 9 at mostly 7 ¼. August New crop Hard Red Winter wheat with 11.5 percent protein, was down 6 and 1/4 ranging from 6-41 and 1/4 to 6-66 and 1/4. August new crop DNS wheat with 14 percent protein prices were down 37 ¾ to 7 3/4, ranging from 7-23 and 1/2 to 7-63 and 1/2. August live cattle were up 1/2 at 151.07. August Feeder cattle were down 1 at 216.87. August class III milk was down 2 cents at 16-23.