Marketline Report for Monday, May 14th
McGATHEY ... "Wheat was also lower. It seems that export demand was seriously weak and the markets really stopped considering the winter wheat troubles at hand and I think that that's a little bit of fatigue in looking at the bad weather that we've had in the U.S. plains. And so, until those numbers actually come up and give us our total crop numbers I think that the market is destined to have a lot more volatility. Now, the bigger sell-off today again could be total sentiment of 'buy the rumors, sell the fact.' After the report yesterday, there was a little bit of a blip in the market and then the sell-off began. And, even with wheat we gave back. You know, it's been down five days in a row and gave back everything that we gained over the week so we'll see if we start again on Monday to get the market turned around some."
Chicago May Wheat prices closed yesterday dn 18 ¼ at 515 ¾
May Corn was dn 5 at 390
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 9 ranging from 6-43 to 6-63 DNS wheat with 14 % protein, prices for May were dn 4 ranging from 7-55 to 7-70
Live Cattle for June were up $.10 at 107.75 May Feeder cattle are dn $.17 ½ to 138.50 May Class III milk was dn .01 cents at 15.23