Dead Cat Bounce

This is Matt Rice with the Market Line Report for July 1st. Consumers and producers alike are waiting to hear what kind of news the USDA quarterly report will bring. Here's Joe Vaclavik from the floor of the CME in Chicago, with the USDA livestock commentary.

Vaclavik "Cattle market here in Chicago mostly higher and we had the hog market back and forth and we had a mixed trade. This is really kind of a wait and see type of deal, we want to see what the cash trade does, especially after these June live cattle futures go off later this week. But we saw mostly a $1.15 - $1.16 trade, perhaps maybe a little bit better tone this week but still kind of a wait and see type of deal. What type of beef demand we are going to have over the holidays is one of the bigger questions and we may see some answers early next week, but for the moment we are higher. Trying to dig ourselves out of a bear market in these cattle. The hog market has seen quite the selloff here."

Chicago July Wheat prices closed yesterday dn 4 ¾, at 424 ¾. July corn ended the day down 12 ¾, at 360. Portland prices for soft white wheat of 10 ½ % protein for July were steady, ranging from 4-97 ¾ to 5-20. Hard Red Winter wheat with 11 ½ % protein, prices for July were unch, ranging from 4-81 to 4-96. DNS wheat with 14 % protein, prices for July were up 3 ½, ranging from 5-95 ¾ to 6-05 ¾. Aug Live Cattle closed the day up 50 cents, at 119.40. Aug Feeder cattle were up 82 ½ cents, at 142.90. July class III milk was unch at 15-39.