Marketline Report for Monday, May 13th
McGATHEY ... "Live cattle rallied. Interestingly enough, it was really mixed all day long, but beef export sales firmed up and kept the market relatively steady. After that grain report came out the market really started to take off. That was a big rally. It's up 30% from four weeks ago so the market is really kind of bouncing back a little bit from the selloff that we've had over the last week. But we need some follow through buying to make sure that that low is staying there. Plus, we need a real start to this grilling season. It has been cold and wet in the north and so many storms has really stopped that kind of domestic demand. Certainly, the grain market selloff just let everyone know on the beef side that feed is going to be pretty affordable for the foreseeable future."
Chicago May Wheat prices closed yesterday dn 2 ¾ at 420 ½
May Corn was dn 2 at 342 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 10 ¾ ranging from 5-47 to 5-67 DNS wheat with 14 % protein, prices for May were dn ¼ ranging from 6-17 to 6-22
Live Cattle for Jun were up $.50 at 112.52 ½ May Feeder cattle are up $1.37 ½ to 137.90 May Class III milk was dn .01 cents at 16.34