Marketline Report for Tuesday, July 30th
McGATHEY ... "Wheat rallied as well. The reductions in that Russian exports really gave the market a shot and I think that wheat was maybe leading the market today that really pulled it a little bit higher. It gave us all a boost and most of all the other data is pretty bearish with wheat. That's why it was actually pretty positive, but maybe what's happening in Russia, cutting their exports which would definitely bring everything to the U.S. I was thinking that maybe these prices are a little bit too high to be competitive with the EU, but it's very possible that we can get a little bit more of an equilibrium and start to move some of our grains. So, we're going to watch day by day, certainly with the weather but all eyes are definitely going to be on that August 12th report and that's still a couple of weeks away so we're going to see our markets pretty volatile between now and then."
Chicago Sept Wheat prices closed yesterday up 7 ½ at 502 ½
Sept Corn was up 2 ½ at 417 ¼
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 4 ½ ranging from 5-61 ½ to 5-71 ½ DNS wheat with 14 % protein, prices for July were up 8 ranging from 6-07 ½ to 6-12 ½
Live Cattle for Aug were dn $.25 at 108.62 ½ Aug Feeder cattle are dn $1.42 ½ to 142.22 ½ July Class III milk was dn .01 cents at 17.47