Marketline Report Friday June 2nd
This is Bob Larson with the Market Line Report for Friday June 2nd. The cattle market continues a strong showing. With Thursday's results from the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "Live cattle market was sharply higher here on Thursday. As a matter of fact, we did trade-limit up in both some live cattle and feeder cattle contracts so a very, very strong futures trade. Convergence is the name of the game here this week. We've got a June futures contract that will go into the delivery period next week which is trading in the mid one-twenties. We've got a cash market that's trading in the mid one-thirties. So, the June futures are doing their best to catch up to the cash market here and the cash market has maintained a lot of strength, both on the cash side, the boxed beef market. Everything about it has been very, very strong here. "
Chicago July Wheat prices closed yesterday dn ¼ at 429 ½ July corn ended the day dn 1 ½ at 370 ¾
Portland prices for soft white wheat of Ordinary Protein for July ended the day dn ¼ ranging from 4-84 to 4-85 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 1 ranging from 5-05 ¾ to 5-15 ¾ DNS wheat with 14 % protein, prices for July were up 6 ¾ ranging from 6-78 ¾ to 7-03 ¾
Live Cattle for Aug were up $3.00 at 127.42 Aug Feeder cattle were up $4.50 at 157.07 June Class III milk was dn $.08 cents at 16-62.
