Marketline Report for Tuesday, July 23rd
This is Bob Larson with the Market Line Report for Monday, July 22nd. Last week's USDA report firms up live cattle in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
CHRISTY ... "Live cattle did firm up. That neutral USDA report came in that was no surprise. On Feed Report and the Cattle Inventory really didn't give us much and it kind of relieved some of the traders. Now, the market looks to close the gap between the futures and the cash market and that really gave it an opportunity to kind of firm up. We're expecting perhaps there's going to be some late summer demand that could give the market a little bit of a boost. Certainly, the cattle traders are watching the feeders. The feeders were much higher today. The grain decline was definitely the futures support behind that feeder market and really gave it a little bit of a kick-start today. That underlying support definitely activated some buying and the market really started to pick up."
Chicago Sept Wheat prices closed yesterday dn 15 ¼ at 587 ¾
Sept Corn was dn 8 ½ at 422 ½
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 10 ¾ ranging from 5-54 ¼ to 5-64 ¼ DNS wheat with 14 % protein, prices for July were dn 8 ranging from 5-96 ¼ to 6-01 ¼
Live Cattle for Aug were up $.85 at 108.47 ½ Aug Feeder cattle are up $2.20 to 142.27 ½ July Class III milk was dn .01 cents at 17.40
