Marketline Report for Monday, July 1st
This is Bob Larson with the Market Line Report for Monday, July 1st. The grain market falls hard, including wheat in Friday trading, but it's not all bad news. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was also down really hard. That neutral USDA report really on the stocks as well as the acres just tells us this is like the "buy the rumors, sell the facts." Since there is no news at all, what are we looking at? All the fundamentals are relatively negative for wheat and the selling really started to come in and perhaps any of the longs are starting to liquidate somewhat and if we have any kind of follow through selling, we could see the market pull back quite a bit because we rallied over a dollar in the last month, ever since the middle of May. It's very possible that we could have a pretty solid pull back and we know that wheat is definitely going to be sympathetic to corn. So, as corn goes lower, we can see it pull wheat down as well. So, we're going to watch that next week."
Chicago July Wheat prices closed yesterday dn 19 ½ at 527
July Corn was dn 19 ¾ at 422 ¾
Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-75 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 16 ½ ranging from 6-01 ½ to 6-06 ½ DNS wheat with 14 % protein, prices for June were up 2 ¾ ranging from 6-29 ¼ to 6-39 ¼
Live Cattle for June were dn $.07 ½ at 110.50 Aug Feeder cattle are up $1.05 to 136.70 June Class III milk was unch cents at 16.27
