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Bob Larson Marketline Report for Monday, July 16th
by Bob Larson, click here for bio

Program: Market Line
Date: July 16, 2018

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This is Bob Larson with the Market Line Report for Monday, July 16th. The grain market was mostly down in Friday trading. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat actually started a little bit lower and then it firmed back up. It seems like it triggered some buying and it got off to a pretty good start and actually surged right at the end of the day. The USDA says that the exports will improve as well as the fact that there is some production reduction in Russia and in the European Union so that kind of information has helped the market a little bit. Notwithstanding the fact that it’s been oversold for quite a while and we are getting very close to the RSI getting below 30%. And, if that strength index gets that low you would venture to say that there’s going to be some bargain hunters trying to step in and give that market a lift.”

Chicago July Wheat prices closed yesterday dn 1 at 484 ¼

July Corn was dn 6 ¼ at 332 ½

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-85 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 10 ½ ranging from 6-11 ¾ to 6-21 ¾ DNS wheat with 14 % protein, prices for July were dn 3 ¾ ranging from 6-26 ¾ to 6-46 ¾

Live Cattle for Aug were dn $.47 ½ at 104.87 ½ Aug Feeder cattle are dn $.30 to 150.77 ½ July Class III milk was dn .01 cents at 14.29

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