Marketline Report for Thursday, May 16th
McGATHEY ... "Live cattle consolidated. There's better beef values and that really lifted the futures somewhat. The expectation of increased domestic demand is helping to get the attention of some of the bargain hunters to come in and start to push this market higher. The market has been oversold since the drop over maybe six or seven sessions ago. So, we were wondering when the bottom was going to end. So, we did consolidate a little bit, but it isn't really that big of a rebound so we really need more follow-through buying or a better recovery that we know that the bottom is in at least for now. Now, feeders were a little bit easier so that's a little bit of an indication that maybe the bottom isn't over yet. There's larger supplies that may limit the upside and does have a lot of traders concerned."
Chicago July Wheat prices closed yesterday up ¼ at 448 ½
July Corn was up ¾ at 368 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 5-80 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 6 ¾ ranging from 5-72 to 5-82 DNS wheat with 14 % protein, prices for May were dn 8 ranging from 6-05 ¼ to 6-15 ¼
Live Cattle for Jun were up $.17 ½ at 109.52 ½ May Feeder cattle are dn $.07 ½ to 135.77 ½ May Class III milk was up .05 cents at 16.34