Marketline Report for Thursday, July 4th
This is Bob Larson with the Market Line Report for Thursday, July 4th. The cattle market finds some steady footing in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The feeders fell today and the cash market was sluggish at best. Now, that's really what kind of pushed the feeders a little bit lower, but this is the first time in a long time that live cattle and the feeders diverged as drastically as they have. It just shows that there is confusion in the market today, certainly at the start of July. This is a very short week. We will have a hard opening on Friday. I think traders are trying to adjust a little bit to give the market a little bit of a direction and certainly, on Friday, we'll be able to get a little bit more information on how this holiday was for demand purposes anyway. After this, the next holiday won't be until Labor Day so this is really the last one and everyone's hoping that we can get some decent numbers out of there."
Chicago July Wheat prices closed yesterday up 14 ½ at 518 ½
July Corn was up 19 ½ at 432 ¾
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-08 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 11 ¼ ranging from 5-58 ¾ to 5-73 ¾ DNS wheat with 14 % protein, prices for July were up 3 ¾ ranging from 6-15 to 6-20
Live Cattle for Aug were up $1.35 at 106.00 Aug Feeder cattle are dn $1.80 to 137.02 ½ July Class III milk was dn .06 cents at 17.31
