Marketline Report for Thursday, May 9th
McGATHEY ... "Australia, right now, is starting to get a little bit of rain in that drought area and that's not looking good for our wheat right now. We know that China has had record supplies as well so that's going to be a big competition and that's definitely going to weight on ways on futures and it will stop any kind of significant rally going forward. That being said, again, we're waiting on that trade deal. If we get that, we can kind of get things moving forward. So, we are in the 12th month of the trade deal really being implemented last year. So, never in the history have we seen this kind of issues going on with these grain markets, so we're in a place we haven't seen before and these are just not normal times."
Chicago May Wheat prices closed yesterday up ¾ at 430
May Corn was dn 2 ¾ at 355 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day up 15 ranging from 5-75 to 5-85 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn ½ ranging from 5-63 ½ to 5-83 ½ DNS wheat with 14 % protein, prices for May were dn 1 ¼ ranging from 6-20 ½ to 6-25 ½
Live Cattle for Jun were dn $1.20 at 111.12 ½ May Feeder cattle are dn $1.52 ½ to 135.52 ½ May Class III milk was dn .04 cents at 16.39