Marketline Report for Tuesday, May 7th
This is Bob Larson with the Market Line Report for Tuesday, May 7th. The losses continue to mount in Monday cattle trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Today in the livestock market, the cattle was lower. The bears are in charge and really pressing even more. The cash trade was hit with up to a $5 loss over the last week and the funds are starting to liquidate some of their long positions. About 10% production, that's about 10,000 contracts added to the market and I think that what's happening is that finally, over this long-term rally that we have, everyone's starting to give up their hand right now even though seasonally this should be a time that we should get a little bit of a bump. The feeders fell very hard as well and I think that they're kind of leading the charge on the beef side to let us know that the market is really pushing lower with no bottom in sight."
Chicago May Wheat prices closed yesterday unch at 425
May Corn was dn 7 ¼ at 356
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-60 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 1 ½ ranging from 5-63 to 5-88 DNS wheat with 14 % protein, prices for May were dn ¾ ranging from 6-14 ¼ to 6-19 ¼
Live Cattle for Jun were dn $1.15 at 112.42 ½ May Feeder cattle are dn $1.12 ½ to 136.22 ½ May Class III milk was up .10 cents at 16.47
