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Bob Larson Marketline Report for Tuesday, May 1st
by Bob Larson, click here for bio

Program: Market Line
Date: May 01, 2018

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This is Bob Larson with the Market Line Report for Tuesday, May 1st. Prices are up in the grain market again on Monday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat was also higher. They had futures buying that was really gaining a lot of momentum and I know that commercials and non-commercials alike are back in the game and pushing that market higher. Wheat could be the one that’s actually leading the charge here. As soon as we find out the numbers from the winter wheat crop, that will give us a lift. And there will be some overflow buying in the rest of the grains. So, we’re going to watch that closely, but right now we’ve been always watching that the U.S. dollar index has been kind of strong. I had a conversation with Rick Santelli, he said that it seems that some of the old indicators are not really having the same effect on our markets anymore and I think that’s absolutely true and that even though the U.S. dollar index is up and hit 92 today, we still see that a lot of the grains are very strong."

Chicago May Wheat prices closed yesterday up 17 at 515 ½

May Corn was up 3 at 392 ¼

Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-80 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 11 ¼ ranging from 6-35 ½ to 6-78 ½ DNS wheat with 14 % protein, prices for May were up 13 ½ ranging from 7-54 ¾ to 7-84 ¾

Live Cattle for April were dn $.70 at 124.00 May Feeder cattle are dn $1.85 to 139.85 May Class III milk was up .06 cents at 15.13

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