Marketline Report for Monday, June 3rd
This is Bob Larson with the Market Line Report for Monday, June 3rd. The cattle market ends the week firm with little cash trade. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, it seems that the cattle was firming today. There's a little bit of cash trade and the prices were really set for the day. The futures are really holding steady after yesterday's bit sell-off. But, the futures are heavily oversold right now. We expect that perhaps we were going to get somewhat of a rebound, but it didn't quite happen. Maybe just moving sideways. It's the end of the month, end of the week. I think Monday will gives us a little bit more of a direction as to what's going on. The weather has been so cold and wet in the north and in the Midwest that it's been having trouble getting the grilling season going. That also is weighing on meat prices right now or even just participation and some consumer demand right now."
Chicago July Wheat prices closed yesterday dn 11 ½ at 504 ¾
July Corn was dn 9 ¼ at 427 ½
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 6 ranging from 6-43 to 6-48 DNS wheat with 14 % protein, prices for May were dn 11 ½ ranging from 6-37 to 6-52
Live Cattle for Jun were dn $1.60 at 108.40 Aug Feeder cattle are dn $5.10 to 133.70 May Class III milk was up .01 cents at 16.39
