Marketline Report for Thursday, June 6th
This is Bob Larson with the Market Line Report for Thursday, June 6th. Cash trade solidifies the Cattle market somewhat in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Cattle really firmed up. There's been an uptick in the cash trade and that lifted futures somewhat. You know, the market had been oversold and we were looking for a little bit of a bounce. It finally made a little bit of a turn. I mean, we don't see this big trajectory on the upside, but even though beef prices were eroding a little bit, it seems that the market has kind of made somewhat of a turn. So, we're looking for some follow through support coming in. The feeders were higher as well. That follow through buying did give that a boost. Perhaps they're having some bovine issues in Brazil. We've been watching China all this time with the hog issue, but Brazil's having a little bit of a problem and it could very well open the doors for some U.S. exports. That could give the market a little bit of a lift."
Chicago July Wheat prices closed yesterday dn 16 ½ at 492 ¼
July Corn was dn 10 ½ at 413
Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-10 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were dn 22 ¾ ranging from 6-15 ¾ to 6-20 ¾ DNS wheat with 14 % protein, prices for Jun were dn 13 ½ ranging from 6-27 to 6-37
Live Cattle for Jun were up $.30 at 108.00 Aug Feeder cattle are up $2.00 to 139.65 Jun Class III milk was up .20 cents at 16.12
