Marketline Report for Friday, June 29th
This is Bob Larson with the Market Line Report for Friday, June 29th. It's a supply and demand picture in Cattle trading Thursday. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "The supply is turning up seasonally, and the demand is turning down seasonally. First factor for the cattle market short-term would be the hot weather forecast for the first half of July. Typically when we have above normal temperatures, especially in the month of July, consumer demand for beef takes a little bit of a hit. We could back it up in the pipeline and that can cause some issues. We've got above normal temperatures projected for the first half of July for the Central and the Eastern part of the U.S. so that's a negative."
Chicago July Wheat prices closed yesterday unch at 478
July Corn was dn 7 ½ at 344 ¾
Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 7 ranging from 5-78 ½ to 6-03 ½ DNS wheat with 14 % protein, prices for June were dn 5 ½ ranging from 6-51 ½ to 6-71 ½
Live Cattle for June were up $1.17 ½ at 108.00 Aug Feeder cattle are up $1.05 to 146.80 June Class III milk was up .02 cents at 15.25
