Marketline Report for Wednesday, May 30th
This is Bob Larson with the Market Line Report for Wednesday, May 30th. Grain trading gets some energy the day after Memorial Day. From the floor of the CME in Chicago, here's Todd Horwitz.
HORWITZ ... "Now, we had some interesting trade overnight. Markets were extremely strong overnight only to sell off during the day pretty much across the board, but wheat has had, the last two Fridays back to back, what we would call blow off patterns to the upside and it looks awfully good like it wants to go higher. So, the overnight rally of .10 cents looked to be an opportunity to sell, but of course we're actually looking for a spot to be buyers. When we look at the overall information of everything that's around wheat looks like it has a chance to take out the highs. In fact, we look for wheat to have a 6 in front of it before the year is out. So, we're looking to be a buyer about that $520 level as we look for a little bit of a pullback. Again, you should never be surprised when a market starts to pull back."
Chicago July Wheat prices closed yesterday dn 6 ½ at 538
July Corn was dn 6 at 399 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-80 to 6-02 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 7 ½ ranging from 6-81 ½ to 7-06 ½ DNS wheat with 14 % protein, prices for May were dn 16 ¼ ranging from 7-73 to 7-88
Live Cattle for June were dn $1.52 ½ at 103.22 ½ Aug Feeder cattle are up $.05 to 144.95 May Class III milk was up $.01 cents at 15.18
