Marketline Report for Thursday, May 2nd
This is Bob Larson with the Market Line Report for Thursday, May 2nd. A new month means new money in the wheat market on Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Now wheat was higher as well and it's kind of a new month today so let's give it that, that today's May 1st and there's a little bit of a recovery in that market. So, we did have a nice bounce off that new low that it made, but the focus now is moving to the wet fields and the delay in the spring wheat planting. So, we're going to watch that because that definitely should have an effect down the road and we already know what's happening when our crop is having, when the spring crop has difficulty getting in the ground because we've had this really for the past couple of years. But, as the rain continues, the seeding could even be cut further so we have to watch that closely. There's still a lot of weather ahead."
Chicago May Wheat prices closed yesterday up 6 ½ at 425
May Corn was up 6 ¾ at 359 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 15 ranging from 5-60 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 3 ranging from 5-49 ¼ to 5-74 ¼ DNS wheat with 14 % protein, prices for May were dn ¼ ranging from 5-95 to 6-00
Live Cattle for Jun were dn $.37 ½ at 113.95 May Feeder cattle are dn $.22 ½ to 141.37 ½ May Class III milk was up .07 cents at 16.15
