Marketline Report Thursday June 15th

This is Bob Larson with the Market Line Report for Thursday June 15th. A bit of a correction from Tuesday's gains in the market. From the floor of the CME in Chicago with yesterday's results, here's Joe Vaclavik ...

Vaclavik ... "Now, there was some news from China. It looks like we're getting closer into exporting beef to China again after a 15-year hiatus. There's a lot of stipulations here and there's a lot of red tape we're going to have to get around. China is very interested in tracability. They want to be able to trace the origin of any beef that they import back to the U.S. or at least cattle that were raised on U.S. soil. So, that's going to be one of the big obstacles here. There's really kind of a small percentage of beef that's eligible for this kind of thing under these types of stipulations. So, there's going to be some negotiations forthcoming I think, but ideally we'll get to a situation where we can freely export beef to China."

Chicago July Wheat prices closed yesterday dn 2 at 433 ¼ July corn ended the day dn 4 at 376 ¾

Portland prices for soft white wheat of Ordinary Protein for July ended the day up 3 ranging from 4-68 to 4-91 Hard Red Winter wheat with 11 ½ % protein, prices for July were up .50 ranging from 5-32 ½ to 5-37 ½ DNS wheat with 14 % protein, prices for July were dn .50 ranging from 7-27 ½ to 7-42 ½

Live Cattle for June were dn $3.00 at 124.50 Aug Feeder cattle were dn $3.82 ½ at 146.37 ½ June Class III milk was up $.03 cents at 16-34.