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Bob Larson Marketline Report Tuesday, July 18th
by Bob Larson, click here for bio

Program: Market Line
Date: July 18, 2017

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This is Bob Larson with the Market Line Report for Tuesday July 18th. Monday trading saw some profit taking in the grain market. From the floor of the CME in Chicago, here’s Virginia McGathey …

McGathey ... “Wheat was a little bit lower today. Futures really dropped to a new 17-day low. Now, we know that they had gotten to an over-bought situation. It really rallied so strong, so fast that we knew some profit-taking would come in, that we’re seeing that today. We expect that there’s going to be much more choppy trade. Certainly, some rain in the plain really offered some relief for these stressed crops, but the forecast is still calling for hot and dry weather. So, all bets are off as to if we’re going to have a big drought year this year. The markets are still very high and there is some nervousness on the horizon. We’re still right in the middle of summer so we’re expecting that there’s going to be more hot weather to come.”

Chicago July Wheat prices closed yesterday dn 4 ¾ at 506 July corn ended the day dn 1 ¼ at 376 ¼

Portland prices for soft white wheat of Ordinary Protein for August ended the day dn 4 ¾ ranging from 5-21 to 5-45 Hard Red Winter wheat with 11 ½ % protein, prices for August were dn 7 ranging from 5-76 ½ to 6-01 ½ DNS wheat with 14 % protein, prices for August were up 9 ¼ ranging from 8-67 ¼ to 8-87 ¼

Live Cattle for August were dn $.85 at 117.37 ½ Aug Feeder cattle were up $.15 at 154.82 ½ Aug Class III milk was up $.01 cents at 16-99.

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