Marketline Report for Thursday, July 26th
This is Bob Larson with the Market Line Report for Thursday, July 26th. Grains were higher with wheat limit up in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The dry weather in Europe really rallied the futures and there was a mad scramble for all the short covering. And, we knew that things like this was going to happen as the market started to move higher because we had just been oversold for so long. It's very likely that the corn and soybeans could react the same way if we start to get positive news that there's going to be a mad scramble to get out of those short positions and try and get on board of this moving market. Also, the areas in southern Russia, in the Black Sea region, is also in trouble and that's why the reduction in the World Wheat Stocks is such a big issue."
Chicago Sept Wheat prices closed yesterday up 32 ½ at 542
Sept Corn was up 7 ¼ at 358 ¼
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-80 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 26 ranging from 6-50 ¾ to 6-65 ¾ DNS wheat with 14 % protein, prices for July were up 32 ½ ranging from 6-82 ¼ to 6-87 ¼
Live Cattle for Aug were up $.97 ½ at 109.67 ½ Aug Feeder cattle are up $.07 ½ to 152.97 ½ July Class III milk was dn .06 cents at 14.14
