Marketline Report for Monday, April 29th
This is Bob Larson with the Market Line Report for Monday, Apr 29th. At least a little bit of a recovery on the Cattle market in Friday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Live cattle was a little bit easier. It seems that the bearish tone has really set in to end the week. You know, we had some big downward moves over on Wednesday and Thursday. Today, the market started out much lower, but kind of recovered a little bit and just settled down. So, it tells me that maybe we found like a little bit of an equilibrium. Just remember one thing though, even though we've had a big down move over the past couple of days, we're still much higher from last year. So, the market still has a lot more room and I think that we're going to see that there could be volatility ahead. The cash trade never really did materialize though and that kind of added to a little bit of that future liquidation, but even breaking through some of these technical numbers, the market still didn't push all the way through."
Chicago May Wheat prices closed yesterday up ¼ at 435
May Corn was up 3 ¾ at 351 ½
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 4 ½ ranging from 5-69 ¾ to 5-94 ¾ DNS wheat with 14 % protein, prices for Apr were dn 7 ranging from 6-03 to 6-13
Live Cattle for Apr were up $.50 at 124.57 ½ May Feeder cattle are up $.40 to 143.75 Apr Class III milk was dn .01 cents at 15.97
