Marketline Report for Wednesday, July 24th
CHRISTY ... "Wheat was steady. It traded on both sides of the market. Egypt did buy 300-thousand tons of wheat so that really was something to give it a shot in the arm, but it didn't send it anywhere higher that we thought. You know, technically futures are oversold so there is other things to underpin the market to really push it a little bit higher. The European Union, and Russia, you know, they're cutting back some of their harvest forecast numbers. All these things should be very good for U.S. wheat and yet we are kind of stalled out here, but the Agriculture Secretary did announce that there's going to be another round of aid and that's going to be another $15 per acre for the federal aid. All the information behind that hasn't been released yet, but we're going to be watching that closely."
Chicago Sept Wheat prices closed yesterday dn ¾ at 587
Sept Corn was up 3 ¼ at 425
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 2 ¼ ranging from 5-56 ½ to 5-66 ½ DNS wheat with 14 % protein, prices for July were dn ¾ ranging from 5-95 ½ to 6-00 ½
Live Cattle for Aug were up $.60 at 109.17 ½ Aug Feeder cattle are up $.02 ½ to 142.30 July Class III milk was dn .01 cents at 17.40