Marketline Report for Thursday, April 25th
This is Bob Larson with the Market Line Report for Thursday, Apr 23rd. Profit taking pushes the cattle market down in Wednesday trades. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "In the live cattle market, it was down hard. There's been some profit taking and that is definitely starting to heat up and so it looks like some of the traders are starting to let things go. The cash trade has been slow and beef prices are really kind of strong, but it seems that the tech support is very soft so we're going to watch for the end of the week and is this really it, is this mean that the market is really starting to turn. As soon as we start to get through some of these moving average numbers, I think that it will solve the tale because feeders also fell even further. I think traders say that the top is in and if that's the case, look out we do have a long way to go. There is some nervous traders are ready to sell even more and really aggressively get out there and put some pressure on the futures."
Chicago May Wheat prices closed yesterday dn 6 ½ at 431 ½
May Corn was dn 4 ½ at 345 ½
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 10 ranging from 5-74 ½ to 5-99 ½ DNS wheat with 14 % protein, prices for Apr were dn 8 ranging from 6-08 ¼ to 6-18 ¼
Live Cattle for Apr were dn $1.55 at 126.92 ½ May Feeder cattle are dn $3.10 to 146.37 ½ Apr Class III milk was dn .01 cents at 15.96
