South America Holds Key To Grains

South America Holds Key To Grains

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for May 4th. South America controlling the grain market, prices being driven lower as they begin to sell large quantities in the last 24 hours. Virginia McGathey shares more about the grains from the floor of the CME in Chicago.

McGathey "Tuesday in the grain market, has all the grains lower. It looks like South America has basically been sitting on the market. Last night they sold a million tons of soy beans, which really pushed the soy bean market lower, we are down almost 20 cents today. Same thing with corn, corn had a little different of an issue. They found 23 % more acreage, and that kind of surprised everyone."

Chicago May Wheat prices were dn 17 ¼ from yesterday, at 460 ½. May corn ended the day dn 12, at 377 ¾. Portland prices for soft white wheat of 10 ½ % protein for May were dn 17 -unch, ranging from 5-35 ¾ to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 18 ½ - 13 ½, ranging from 5-27 ¾ to 5-40 ¾. DNS wheat with 14 % protein, prices for May were dn 10 ½ - 12 ½, ranging from 6-31 to 6-42. June Live Cattle closed the day up 57 ½ cents, at 116.10. May Feeder cattle were up $1.97 ½ cents, at 143.25. May class III milk was dn 6 cents at, 12-97.

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