Marketline Report for Monday, July 29th
This is Bob Larson with the Market Line Report for Monday, July 29th. Light cash trade leaves cattle steady in Friday's livestock market. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Cattle was steady today. There's been light cash trade. There really hasn't been anything to give us any definites so we're kind of watching. It really leaves nothing to write home about. Right now, the range is tightening a lot and it just tells us that there is some firm support below the market. So, we're going to hang in there and continue to move sideways until we get something to give us a little more market direction. The feeders really didn't tell us anything either. They were mixed. Feedlot managers are really standing firm on their prices and that really is keeping the market right where it is. Beef values are struggling to stay stable and that's why we see the market bouncing around. Is there going to be long-term support? We're not really that sure, but the longer the market hangs around here, the more that we know that there is some of that support underneath, but right now we're kind of like stuck in this small channel."
Chicago Sept Wheat prices closed yesterday dn 3 ½ at 496
Sept Corn was dn 4 at 414
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 5 ½ ranging from 5-57 to 5-67 DNS wheat with 14 % protein, prices for July were up 1 ½ ranging from 5-99 ½ to 6-04 ½
Live Cattle for Aug were up $.07 ½ at 108.87 ½ Aug Feeder cattle are up $.92 ½ to 143.57 ½ July Class III milk was up .02 cents at 17.48
