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Bob Larson Marketline Report for Friday, July 19th
by Bob Larson, click here for bio

Program: Market Line
Date: July 19, 2019

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This is Bob Larson with the Market Line Report for Friday, July 19th. Live cattle show a little short-term correction in Thursday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Live cattle market was a little bit easier today. There is a short-term correction. Now, we know that there is somewhat of an up-trend, but the futures are really having trouble sustaining that uptrend. But, it’s not over yet so don’t give up hope here. This has happened before and I think by Friday maybe we’ll get a little more action and kind of get some buying follow through, let’s hope. Feeders were actually lower still and I think that they were trying to say that the market was a little bit over-bought. That being said, it’s not like we had a skyrocketing market over the last couple of days. Now, for two days in a row the feeders have been down much harder than the live cattle. Is that an indication that the market is really, completely pulling back? I think that it is very possible that we can move back around.”

Chicago Sept Wheat prices closed yesterday dn 12 at 493 ¾

Sept Corn was dn 11 ½ at 425 ¼

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 9 ranging from 5-57 ¾ to 5-67 ¾ DNS wheat with 14 % protein, prices for July were dn 2 ¼ ranging from 6-00 ½ to 6-05 ½

Live Cattle for Aug were dn $.72 ½ at 107.20 Aug Feeder cattle are dn $1.15 to 139.05 July Class III milk was up .11 cents at 17.42

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