Marketline Report for Tuesday, July 24th

Marketline Report for Tuesday, July 24th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, July 24th. Trading on the grain floor holds steady on Monday. From the Allendale Trading desk, here's Virginia McGathey.

McGATHEY ... "The market has really been off the ground a little bit, but all the traders that are short, the soybeans and the corn, seem to be buying the wheat. All the short positions really got reversed and were starting to build that long position. Over the last couple of days you'll see that the market has really started to rally and firm up a little bit. So, I think that they are trying to spread the crops a little bit to try to take advantage of this weather because it looks like, if nothing else, there has been some droughts around the world in the wheat market and the fact that the USDA did reduce the World Ending Stocks for wheat even though we're still high overall, that one market has the possibility to get a decent rally and that's a great hedge against the short corn and soybeans. So, we're going to watch that."

Chicago Sept Wheat prices closed yesterday dn 2 ¼ at 512 ½

Sept Corn was up 2 at 357

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-80 to 5-93 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 2 ¼ ranging from 6-25 ¾ to 6-35 ¾ DNS wheat with 14 % protein, prices for July were up 7 ranging from 6-57 to 6-62

Live Cattle for Aug were dn $.20 at 109.00 Aug Feeder cattle are dn $.42 ½ to 153.32 ½ July Class III milk was unch cents at 14.19

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