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Bob Larson Marketline Report for Friday, July 12th
by Bob Larson, click here for bio

Program: Market Line
Date: July 12, 2019

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This is Bob Larson with the Market Line Report for Friday, July 12th. The bears are unleashed on the corn market in Thursday trading. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "What a difference a day makes. We had the last USDA report last month and it was shockingly bearish for corn, not what the market expected. Well today's wasn't shockingly bearish, but it was definitely bearish so the last report market sold off, but today we just couldn't find any new sellers. So, that's something to keep in mind. Today's report, the numbers did come out bigger than expected, more corn than expected, so that would have initially made us trade lower, but we survived the day and actually closed up around .09 cents on the day so that's something to keep in mind. Now, if you take a look at what the technicians will look at, we've got like a nice pennant or flag formation forming in D's corn and that's going to give us levels both up and down support and resistance to kind of keep an eye on as we get closer and closer to around August 1st is when it looks like this pennant should have some breakout."

Chicago July Wheat prices closed yesterday up 24 ½ at 535 ½

July Corn was up 13 ½ at 448

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-13 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 20 ranging from 5-86 ½ to 5-96 ½ DNS wheat with 14 % protein, prices for July were up 12 ¼ ranging from 6-16 ¼ to 6-26 ¼

Live Cattle for Aug were up $.25 at 107.95 Aug Feeder cattle are up $.27 ½ to 143.00 July Class III milk was dn .02 cents at 17.35

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