Marketline Report for Wednesday, June 5th

Marketline Report for Wednesday, June 5th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, June 5th. Volatility in the hog market caused by African Swine Fever bleeds over on to the cattle side. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "Keep in mind, these funds also suffer the same punishment over in the cattle and that's nothing that they might get out of any time soon either. There's not going to be a big, foof, there all done now, we can get back in. You have to kind of keep up to date with this commitment of traders to see where they're at because these types of things can be a black cloud over that market for a while. And, we've got a couple of competing headlines obviously, with China and ASF, those types of things are going to stay there as well. So, keep in mind, it's kind of a tripod kind of a worry here with China, ASF and the funds, that's going to be the driver for the market here in the short term and that chart just doesn't look too good. Hopefully, we can plumb for a bottom here sometime soon."

Chicago July Wheat prices closed yesterday dn 12 ½ at 505 ¾

July Corn was up 1 at 425

Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were dn 18 ¼ ranging from 6-38 ½ to 6-43 ½ DNS wheat with 14 % protein, prices for Jun were dn 3 ranging from 6-40 ½ to 6-50 ½

Live Cattle for Jun were up $.77 ½ at 107.66 Aug Feeder cattle are up $3.95 to 137.37 ½ Jun Class III milk was dn .09 cents at 15.95

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