Marketline Report for Monday, May 7th
This is Bob Larson with the Market Line Report for Monday, May 5th. A mixed bag on the grain market Friday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGathey ... "Wheat also has fallen somewhat. Selling has appeared as the futures reached the fifth day of the new highs which really looks good for the wheat market. You know, it's been very dry in the southern plains and, as a matter of fact, the Kansas City wheat just reported that it's going to have its smallest crop since 1989. So, that just lets you know how bad that winter wheat crop really was suffering from the dry weather out there. So, it doesn't matter that the talk of rains in the plains, even now, is going to have no effect on the market because, pretty much, the wheat is made and now the harvesting is going to be coming in and the reports are not looking very good so we're starting to switch around."
Chicago May Wheat prices closed yesterday dn 13 at 529 ½
May Corn was dn ¾ at 398 ½
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 9 ¾ ranging from 5-81 ¼ to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 13 ranging from 6-80 ¾ to 6-95 ¾ DNS wheat with 14 % protein, prices for May were dn 3 ranging from 7-63 to 7-95
Live Cattle for June were dn $.47 ½ at 105.97 ½ May Feeder cattle are dn $.40 to 140.40 May Class III milk was dn .01 cents at 15.11
