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

Program: Market Line
Date: July 16, 2019

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This is Bob Larson with the Market Line Report for Tuesday, July 16th. The cattle market stumbles a bit in the wake of falling grain prices. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Live cattle was lower today. There has been slow cash trade, but that’s the way it’s been happening the last couple of weeks. The cycle is Monday through Friday so now it starts a little bit slow. There is some concern that maybe there’s some weak beef demand and that that might last for the short-term, but overall there is some support for the market long-term and that’s actually holding up. Now, especially with the grain market coming back, you know, retreating somewhat, that should give the market a little bit of a lift. We are kind of surprised that the live cattle and even the feeders were lower starting the day today, but I think there gaining a little more momentum as we move later into the day.”

Chicago July Wheat prices closed yesterday dn 15 ¼ at 509

July Corn was dn 13 ¼ at 441 ½

Portland prices for soft white wheat of Ordinary Protein for Sept ended the day unch ranging from 5-75 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Sept were dn 18 ¼ ranging from 5-74 to 5-84 DNS wheat with 14 % protein, prices for Sept were dn 10 ¼ ranging from 6-07 ½ to 6-17 ½

Live Cattle for Aug were up $.02 ½ at 108.47 ½ Aug Feeder cattle are up $.05 to 141.57 ½ July Class III milk was dn .01 cents at 17.34

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