Marketline Report for Monday, May 6th
This is Bob Larson with the Market Line Report for Monday, May 6th. Profit taking in the cattle market slows the slide in Friday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, the live cattle consolidating somewhat. Some of the profit taking from the big slide is slowing that slide a little bit. That's keeping the market from falling out of bed right now, but the futures are seriously oversold. We were expecting somewhat of a rebound or a bump, but you know maybe it's not going to last that long. Now, if the feeders are any kind of a tell as to where the markets going, it's continuing to fall. There hasn't been any consolidation at all. The bottom is still very, very soft and along with the Beyond Meat stock that took off today with it rallying 176%, sometimes that happens when you have a new IPO."
Chicago May Wheat prices closed yesterday dn 5 ¼ at 428
May Corn was up 1 at 363
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-60 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 8 ½ ranging from 5-61 ½ to 5-86 ½ DNS wheat with 14 % protein, prices for May were up 9 ¾ ranging from 6-15 to 6-20
Live Cattle for Jun were dn $.25 at 113.30 May Feeder cattle are dn $1.82 ½ to 137.25 May Class III milk was up .21 cents at 16.38
