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Bob Larson Marketline Report for Wednesday, July 10th
by Bob Larson, click here for bio

Program: Market Line
Date: July 10, 2019

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This is Bob Larson with the Market Line Report for Wednesday, July 10th. Grain traders sell off recent gains in the corn market on Tuesday. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "Well, it seems like things just keep rolling back around again for this sort of big report. I'll be able to speak to you next time just after the report, but this will be the last time we talk before. But, let's talk about corn, that's been a big mover as of late and that's really the one that most folks are afraid about right now. We've seen some decent action there. Obviously, after that last big number we got as far as acres goes, we sold off very hard. But, as we saw the vacuum of fundamental news dry up, we started to see the market kind of recover and it recovered to about 50% back from the lows of that move after the WASDE report that we just had as far as acreage goes and that's when the technicians stepped in and sold that move in about 50% retracement. That's a very common thing to do, selling that move after you've seen it retrace 15%."

Chicago July Wheat prices closed yesterday dn 7 at 510

July Corn was dn 6 ¾ at 432 ¼

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 6-13 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 1 ½ ranging from 5-42 ¼ to 5-74 ¼ DNS wheat with 14 % protein, prices for July were dn 6 ranging from 6-01 ½ to 6-11 ½

Live Cattle for Aug were up $1.97 ½ at 108.25 Aug Feeder cattle are up $3.97 ½ to 143.10 July Class III milk was up .05 cents at 17.38

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