Brutal Day for the Cattle market
I’m Susan Allen with today’s Market Line Report for July 10, Brutal is how Oliver Slope from II Trade described the cattle market. Let’s check in with Oliver from the floor of the CME
Oliver Stone:
“It was a relatively brutal day for the cattle market looking at the live and feeder cattle both trading lower, demand isn’t keeping up with supply and I think we are going to see that as a common thread going forward. Speaking of trends if you look at a chart we are seeing a down draft. We are looking at head and shoulders here, making their way on the right shoulder. 147 is going to be a paramount level for the live cattle”
Chicago September Wheat ended Wednesday up ½ at 577 ¼
September corn ended the day up 4 ¼ at 427 3/4.
Portland prices for soft white wheat of ordinary protein was down 3 1/2 and for August delivery of new crop, mostly 6-41.
White Club wheat of 10.5 % protein was up 1/2 at mostly 7-34.
August New crop Hard Red Winter wheat with 11.5 percent protein, was down 3 and 3/4 from 6.34 ¼ -6.59 1/4
August new crop DNS wheat with 14 percent protein prices were down 10 mostly 7-19.
August live cattle were down $35 ½ cents at 148.65 1/2. August Feeder cattle were down $1.10 at 212.52 ½ August class III milk was up 34 cents at 16-60.
