Marketline Report for Wednesday, July 31st
SHELLADY ... "As we get, kind of, slowly and surly closer and closer to the August 12th report, we've had a little bit of the fundamental news kind of dry up on the ground here. We had Dec. corn kind of tick lower here as I sit to $4.20 ¼ and they're trying fill a gap there, a technical gap, to $4.20. I would say normally that's pretty good, grenades and horse shoes, but I still feel like this market's trading heavy and the technicals are kind of pulling it that way. Keep in mind that we almost got that gap filled to $4.20 and the next level would look like, say, $4.18. Remember, it was a while back we struggled to get up through $4.05 until we got some decent fundamental news that shot us higher and we finally did pierce that level. That could be the level that we back up to going into the report on August 12th. So, keep that in mind."
Chicago Sept Wheat prices closed yesterday dn 6 ¼ at 496 ½
Sept Corn was dn 5 ¾ at 410 ¾
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 3 ranging from 5-58 ½ to 5-68 ½ DNS wheat with 14 % protein, prices for July were dn 3 ¾ ranging from 6-03 ¾ to 6-08 ¾
Live Cattle for Aug were dn $.55 at 108.12 ½ Aug Feeder cattle are up $.80 to 143.20 July Class III milk was up .03 cents at 17.50