Marketline Report for Thursday, April 12th.
This is Bob Larson with the Market Line Report for Thursday, April 12th. Weather conditions keeps wheat traders guessing. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat today, it's just in a consolidation phase even though it's kind of the lower part of the channel. It just seems that the higher ending stock numbers really capped the rally because the market was looking strong for a while. Now, there is still weather issues in the southern plains of the U.S. and so at some point the rally will catch fire again and get the bulls back rolling, but for the time being it's kind of settling down. So, the USDA supply and demand report really were adding stock numbers domestically and globally and, it seems to me, that possibly we're just in an adjustment period right now, but over the next couple of weeks I still expect there's going to be other news that will give the shot in the arm that we're kind of looking for."
Chicago May Wheat prices closed yesterday dn 4 ¾ at 484 ½
May Corn was dn 2 ¼ at 386 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for April were dn 5 ranging from 6-61 ¾ to 6-76 ¾ DNS wheat with 14 % protein, prices for April were up 2 ½ ranging from 7-64 to 7-74
Live Cattle for April were up $.70 at 113.47 ½ April Feeder cattle are up $.45 to 135.80 April Class III milk was dn $.04 cents at 14.39
