Marketline Report for Thursday, June 27th
This is Bob Larson with the Market Line Report for Thursday, June 27th. Buyers cause a big bounce back for feeder cattle in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Beef demand is relatively strong and this weekend could bring some activity in the cash market. Watch out because the market should creep up since it's been oversold and it's starting to move up and bounce. We're watching closely with the feeders because the feeders rebounded. They had solid buying off the lows that had hit yesterday and we were talking about the market being oversold really for the past couple of days and now the rebounds been pretty good. Actually, today, we did go limit up just kind of in a spike. There is some concerns about what's actually happening in China. With that in mind, it lets you know how vulnerable these markets are. So, it really moved very quickly and then kind of came off that limit move. Does that mean the markets going to turn around completely? Very possibly."
Chicago July Wheat prices closed yesterday up 8 at 544
July Corn was dn 4 ¼ at 443
Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-75 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for June were up 3 ¾ ranging from 6-19 to 6-24 DNS wheat with 14 % protein, prices for June were up 1 ¾ ranging from 6-25 ¼ to 6-35 ¼
Live Cattle for June were up $1.25 at 108.75 Aug Feeder cattle are up $4.50 to 135.82 ½ June Class III milk was dn .04 cents at 16.27
