Cattle Foundation Strong

This is Matt Rice with the Market Line Report for July 7th. Cattle making their way back up the ladder, Feeders and live cattle building a solid foundation to start the 3rd QT. Here's Todd Horwitz from the floor of the CME in Chicago with the USDA livestock report.

Horwitz "Wednesday's livestock, well we see kind of what we've been looking for. We see both fats and feeders very steady, fats a little lower, feeders a little higher. Feeders ran up to our resistance target, about $1.45 ½ - $1.46 and pulled off a little bit. Overall, we like it here look for a pull back at $1.42, again we've started building a nice basing in the feeders here and we look to go higher. It's going to be a challenge to bust through $1.46 but I think once you get through $1.46 you're probably going to get to $1.50 -$1.52."

Chicago July Wheat prices closed yesterday dn 3 ¾, at 418 ¼. July corn ended the day down 8 ¼, at 337. Portland prices for soft white wheat of Ordinary Protein for July were unch to dn 2, ranging from 4-75 to 5-03. Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 1 ¾, ranging from 4-70 ¾ to 4-84 ¾. DNS wheat with 14 % protein, prices for July were dn 6-7, ranging from 5-77 ¼ to 6-02 ¼. Aug Live Cattle closed the day dn 85 cents, at 112.35. Aug Feeder cattle were up 45 cents, at 144.10. July class III milk was up 26 cents at 15-96.