Marketline Report for Tuesday, May 14th
This is Bob Larson with the Market Line Report for Tuesday, May 14th. Live cattle drops as beef value tumbles in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today, on the livestock complex, live cattle dropped really hard. There's some real concerns that the market is not going to be able to recover before summer and really started to crush this market. The downside momentum is building even though it is oversold with live cattle and the feeder cattle. Feeders fell hard today as well. The cash cattle is also in a slump and it's really pressing the market. The feeder activity early in the week kind of tell us that it's not going to be able to sustain later on in the week and there has been some traders that are a little bit nervous that this is an all-out fall-apart. Certainly with the stock market down over 700 points it seems that everybody's in the selling mode. Hopefully, with a turnaround Tuesday, might be able to stop some of the slide. We're hoping so."
Chicago May Wheat prices closed yesterday up 12 ¼ at 428 ½
May Corn was up 5 at 348
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 5 ranging from 5-70 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 20 ranging from 5-67 to 5-77 DNS wheat with 14 % protein, prices for May were dn 9 ranging from 6-08 to 6-18
Live Cattle for Jun were dn $2.70 at 109.70 May Feeder cattle are dn $2.57 ½ to 134.92 ½ May Class III milk was dn .03 cents at 16.30
