Marketline Report for Thursday, July 12th
McGATHEY ... "Everything is a seller today. Cattle really dropped hard. Those long-position liquidation really sent the market tumbling. The official index roll is underway today and live cattle open-interest is at its lowest since last September. That just tells you about how many people are nervous and have moved to the sidelines in all the commodities right now. So, it's so difficult since the White House has announced that there's $200-billion more tariffs to be added to Chinese goods. Also, the feeders fell and that means those feedlot managers are really struggling to get higher prices even though they're going to try and hang in there."
Chicago July Wheat prices closed yesterday dn 19 ¾ at 489 ½
July Corn was dn 8 ½ at 332 ¼
Portland prices for soft white wheat of Ordinary Protein for July ended the day dn 10 ranging from 5-80 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 20 ¾ ranging from 5-94 to 6-04 DNS wheat with 14 % protein, prices for July were dn 12 ranging from 6-25 ½ to 6-40 ½
Live Cattle for Aug were dn $1.60 at 103.87 ½ Aug Feeder cattle are up $2.45 to 149.45 July Class III milk was up .09 cents at 14.27