Marketline Report for Wednesday, May 8th

Marketline Report for Wednesday, May 8th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, May 8th. The grain market remains bullish in the days before the next USDA report. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "We had a July corn gap that we filed technical, so I tell everybody, when you really got a get nervous and the fundamentals aren't giving you any help, take a step back and take a look at things in a technical manner and that really sometimes gives you a much better road map in a volatile time than anything else. So, when we are not trading fundamentals and we're trading Sunday night tweets, a lot of times again, these fundamentals help. I'd also want to make something interesting, or clear-slash-interesting, the ag complex, a lot of the things we trade, agriculturally speaking, or commodities in general are really taking the Chinese thing a little bit more seriously and are not as buoyed or in as good a mood as the equity markets are. So, the equity markets and the commodity markets are kind of disjointed. That's a tale of two different cities. We'll see who's got it right, but the equities believe somethings going to happen to the good and the U.S. economy is doing well, where if you look at the commodity prices, uh-uh, it's not so good."

Chicago May Wheat prices closed yesterday up 2 ½ at 431 ¾

May Corn was up 2 ¼ at 358 ¾

Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-60 to 5-85 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 1 ranging from 5-64 to 5-89 DNS wheat with 14 % protein, prices for May were up 7 ½ ranging from 6-21 ¾ to 6-26 ¾

Live Cattle for Jun were dn $.02 ½ at 112.40 May Feeder cattle are up $1.27 ½ to 137.52 ½ May Class III milk was dn .03 cents at 16.47

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