Marketline Report for Friday, May 17th
SHELLADY ... "Boy oh boy, if you want to take a look at a chart that's going to give you a little bit of fear, take a look at a live cattle chart. Uh-glee. And I talk technical right now because we're not having a ton of fundamental news out there. We trade on fundamentals and we trade on technicals, but when there's no fundamentals you have to kind of lean on something else and the map that most other traders will look at is that technical trading map and that's what we're kind of looking at right now. And, I tell you what, on these lows, if you are a procurer of cattle and you need cattle, now is a great time to start buying some of those calls up above to kind of protect yourself from a huge rally backup. Anything happens and we start to see that thing spike higher. Right now, the chart looks pretty bad. That probably isn't going to be something you're going to look at doing, but you know what, do it when you can, not when you have to. That's an old trading adage."
Chicago July Wheat prices closed yesterday up 18 ¼ at 468
July Corn was up 9 ½ at 379 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 14 ¾ ranging from 5-86 ¾ to 5-96 ¾ DNS wheat with 14 % protein, prices for May were up 11 ½ ranging from 6-16 ¾ to 6-26 ¾
Live Cattle for Jun were up $.80 at 110.82 ½ May Feeder cattle are dn $1.70 to 134.40 May Class III milk was up .03 cents at 16.30