Marketline Report for Wednesday, May 22nd
SHELLADY ... "Look, this is now a weather market. We've got a problem with wet. It's a record problem with wet. We are very, very slow. We're behind the pace with these planting intentions. We're getting, yes, we only missed our expectations by one yesterday, but that was enough because we're still so far behind the five-year average. That's a problem, right? So, we're way behind the five-year average and especially with say Illinois and Indiana, that's going to be another big issue. Also, we've got acres that we might just not get in at all. We might call them 'prevent planting acres,' right? So, if we can't get those in, that's just going to be taken off the table as well. You take those off the table, we're hearing rumors there's going to be as many as 5-million acres. So, that could be roughly 6-7-percent of the corn crop we're just not going to put in. That's another reason why you've seen this decent rally."
Chicago July Wheat prices closed yesterday up ½ at 476
July Corn was up 5 ¼ at 393 ½
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 1 ½ ranging from 6-06 to 6-16 DNS wheat with 14 % protein, prices for May were dn ½ ranging from 6-33 to 6-43
Live Cattle for Jun were dn $.50 at 110.72 ½ May Feeder cattle are up $.22 ½ to 134.40 May Class III milk was unch cents at 16.29