Marketline Report for Friday, July 26th
SHELLADY ... "We've kind of called a truce between buyers and sellers here for the short term. A lot of guys don't want to get involved because this is going to be a big report August 12th, so it's going to be interesting to see the ranges get smaller and smaller and smaller as we get closer to that report and that's kind of the feeling that I'm getting from this price action already today. We've come off 38% from the $1.10 rally we've had. That's going to be another thing technicians will talk about. I talk about what the technicians talk about a lot because when we haven't had any fundamental news, we're going to get some big fundamental news August 12th, but up until then, every now and then, we give the odd export sales or a cargo cancelled here and there, but there's nothing to really get your teeth into if you're a fundamental trader so we have to shift our attention to take a look at what the technical traders are looking at."
Chicago Sept Wheat prices closed yesterday up 1 ¾ at 500 ½
Sept Corn was dn 5 ½ at 418
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 dn 2 ranging from 5-62 ½ to 5-72 ½ DNS wheat with 14 % protein, prices for July were up ¾ ranging from 5-98 to 6-03
Live Cattle for Aug were dn $.25 at 108.80 Aug Feeder cattle are dn $.02 ½ to 142.90 July Class III milk was up .06 cents at 17.47