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Bob Larson Marketline Report for Tuesday, July 3rd
by Bob Larson, click here for bio

Program: Market Line
Date: July 03, 2018

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This is Bob Larson with the Market Line Report for Tuesday, July 3rd. The cattle market was up in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Cattle, rising again. So happy about that since we had the limit move on Friday that we had a little bit of continuum. The cash prices were up last week. That really has everyone positive and really bullish on the live cattle market. It’s a short week and it’s really stirred some cattle buying. The market seems to be shrugging off any of these beef tariffs that are supposed to be implemented on Friday. So, the market is really starting to get a head of steam in spite of the fact that the U.S. dollar index was up. What that’s done is really pushed corn lower. Corn was down double-digits, over .10 cents, and that spiked the market. Of course, feed prices would be a little bit cheaper and that’s going to get the market up. And so, that sell-off is helping the live cattle market really move higher.”

Chicago July Wheat prices closed yesterday dn 17 ¼ at 479 ¾

July Corn was dn 12 ¾ at 337 ¾

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for July were dn 21 ¼ ranging from 5-74 ½ to 6-04 ½ DNS wheat with 14 % protein, prices for July were dn 4 ½ ranging from 6-47 to 6-62

Live Cattle for Aug were up $.17 ½ at 107.25 Aug Feeder cattle are up $.60 to 152.20 July Class III milk was up .13 cents at 14.73

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