Marketline Report Wednesday May 31st
This is Bob Larson with the Market Line Report for Tuesday May 30th . The grain markets take a hit for investors on Tuesday. With yesterday's results from the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "Soybean market was sharply lower on Tuesday following a long holiday weekend and, as a matter of fact, traded into some fresh 14-month lows. We took out some key chart support last week. Your July futures and your November futures. That $9.40 level was a big-time spot. We traded through it and saw selling pressure really excellerate here. Funds are adding to a increasing short position and getting pretty heavily short here ahead of the U.S. growing season. We had the big Brazil currency collapse there a couple weeks ago. I think that was really the straw that broke the camel's back here."
Chicago July Wheat prices closed Friday dn 8 ¾ at 430 ¾ July corn ended the day dn 7 ¼ at 366 ¾
Portland prices for soft white wheat of Ordinary Protein for June ended the day dn 5 ½ ranging from 4-79 ½ to 4-85 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 4 ¼ ranging from 5-08 ¼ to 5-18 ¼ DNS wheat with 14 % protein, prices for June were dn ¾ ranging from 6-68 to 6-93
Live Cattle for June were up $.27 ½ at 122.92 ½ Aug Feeder cattle were up $2.97½ at 149.85 May Class III milk was up $.01 cents at 15-62.
