Marketline Report for Friday, July 19th

Marketline Report for Friday, July 19th

Bob Larson
Bob Larson
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

Previous ReportMarketline Report for Thursday, July 18th
Next ReportMarketline Report for Monday, July 22nd