Marketline Report for Tuesday, April 30th

Marketline Report for Tuesday, April 30th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, Apr 30th. Poor spring weather and bearish conditions leave the cattle market mixed on Monday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Live cattle was steady. It seems that the sentiment is a little bit bearish. That sell off is expected to continue and beef prices have taken a little bit of a downturn. And, this kind of goes against the seasonal norm right now, but we've been on such a big rally that maybe the market did have some room to give. The feeders were also easier, but that bad weather has really hurt the grilling season and it kind of has just brought it to somewhat of a halt. Interestingly enough, processors and producers are also cutting some of their long positions so maybe they're liquidating somewhat right as investment funds are starting to get long in the beef industry at this time, which seems kind of interesting. So, they're going to have like a little bit of a competition going on."

Chicago May Wheat prices closed yesterday dn 8 ¼ at 425

May Corn was up ¾ at 353

Portland prices for soft white wheat of Ordinary Protein for Apr ended the day dn 5 ranging from 5-75 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 10 ranging from 5-59 ¾ to 5-84 ¾ DNS wheat with 14 % protein, prices for Apr were dn 7 ¼ ranging from 5-95 ¾ to 6-05 ¾

Live Cattle for Apr were up $.22 ½ at 124.50 May Feeder cattle are dn $.55 to 143.50 Apr Class III milk was unch cents at 15.97

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