Marketline Report for Friday, May 10th.
This is Bob Larson with the Market Line Report for Friday, May 10th. A few different factors play into the corn market taking a big hit in Thursday trading. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "How can we not talk about corn, especially after it got destroyed today. We had another over-10-cent selloff. Look, we've got another USDA report tomorrow. It's going to be difficult. We're going to trade that number whatever that number may be. Now, historically speaking, we've traded lower after the May report and maybe that's kind of snuck in here because we had some negative price action today, but in the end, look, the funds are still in control. They're short and they're pressing and they're winning. Now, they've been wrong say for the last two years, which has been interesting to see, but this time they've kind of got everybody on the run and they're kind of pressing and pressing and pressing, and I think they probably know like I know that this May report tends to trade lower after the report and that's why I think that there hasn't been really any good reason for them to run."
Chicago May Wheat prices closed yesterday dn 9 ½ at 424 ¼
May Corn was dn 10 ¾ at 344
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 5-85 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 5 ¾ ranging from 5-57 ¾ to 5-77 ¾ DNS wheat with 14 % protein, prices for May were dn 3 ¼ ranging from 6-17 ¼ to 6-22 ¼
Live Cattle for Jun were up $.87 ½ at 111.72 ½ May Feeder cattle are up $.47 ½ to 135.95 May Class III milk was dn .05 cents at 16.36
