Marketline Report for Monday, July 8th
This is Bob Larson with the Market Line Report for Monday, July 8th. The cattle market gets a significant boost amid light trading on Friday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Cattle jumped up. The cash trade is really improving. There's technical support that is continuing to underpin futures prices and that upside momentum is really starting to build. Now, the market has been kind of thin today so we have to watch closely that maybe this is just a reaction because there isn't a lot of participants. That being said, you still have to watch the market jump pretty well. Feeders were also higher. That declining grain prices is spurring a lot more buying. Trade has been kind of light, but there is room to rise here. The market has had a big selloff over the past number of weeks so there is something to be said about this market moving up and if grains continue to fall we're going to see some big support coming in the feeders that's definitely going to take that live cattle contract up as well."
Chicago July Wheat prices closed yesterday up 1 ¼ at 519 ¼
July Corn was up 1 at 434
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 1 ½ ranging from 5-60 ¼ to 5-75 ¼ DNS wheat with 14 % protein, prices for July were dn 6 ¾ ranging from 6-08 ¼ to 6-13 ¼
Live Cattle for Aug were up $1.55 at 107.00 Aug Feeder cattle are up $2.25 to 138.82 ½ July Class III milk was up .07 cents at 17.38
