Marketline Report for Tuesday, July 2nd
This is Bob Larson with the Market Line Report for Tuesday, July 2nd. The grain market continues to slide Monday, including wheat. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat was really breaking, double-digits at 20-cents at some point. Kansas City wheat was down even further. There's heavy liquidations now. Since corn has nothing left to really hold these markets up, we know we turn to look at the wheat indicators and all of them across the board are really bearish. So, we knew that that rally was creating a big chasm right now. This was the idea of taking the stairs up and the elevator down and now we're on the elevator right now and every day the market is really losing ground a little bit and so we're trying to fill that chasm. I'm not sure if it's full yet, and we have a short week this week, so let's watch day by day. Maybe we'll have a little bit of a turnaround Tuesday that will stop some of the blood-letting, but still all the indicators still look much lower from this point on."
Chicago July Wheat prices closed yesterday dn 14 at 512 ¾
July Corn was dn 8 ¼ at 411 ¼
Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 17 ½ ranging from 5-59 to 5-85 DNS wheat with 14 % protein, prices for July were dn 9 ¾ ranging from 6-19 ½ to 6-33 ½
Live Cattle for Aug were dn $.25 at 104.50 Aug Feeder cattle are up $.17 ½ to 136.55 July Class III milk was up .16 cents at 17.45
