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Bob Larson Marketline Report for Tuesday, May 21st
by Bob Larson, click here for bio

Program: Market Line
Date: May 21, 2019

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This is Bob Larson with the Market Line Report for Tuesday, May 21st. Following the lead of the Soybean and Corn markets, Wheat rallies higher in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat really rallied hard. Those better inspections came in and has the market really on a run right now. It has investors really scrambling right now to cover their big short-positions and we knew that this might happen if the market started to rise. And certainly enough, this is why we’re seeing it up. We’re up double digits for quite a while. The wet weather also is hampering planting, really for corn, wheat and soybeans and inspecting those final crop numbers, but planting schedules are on a record low right now so we’re going to see if we, I think that it may give the market a boost over the next couple of weeks.”

Chicago July Wheat prices closed yesterday up 13 ¼ at 480 ½

July Corn was up 5 ¾ at 388 ¼

Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 14 ¼ ranging from 6-04 ½ to 6-14 ½ DNS wheat with 14 % protein, prices for May were up 15 ¾ ranging from 6-33 ½ to 6-43 ½

Live Cattle for Jun were up $.07 ½ at 111.65 May Feeder cattle are dn $.37 ½ to 134.25 May Class III milk was dn .01 cents at 16.29

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