Marketline Report for Monday, May 20th
McGATHEY ... "Wheat was higher and they're starting to hit a couple of significant resistant numbers so, technically speaking, we could get a little bit more support there. One thing to really watch out for for corn and wheat right now, there are some big short positions. If the funds start to cover those, we're going to see a mad scramble and we definitely could see some wild volatility. Certainly, we're off our lows we had from the big selloff on Monday and now we're starting to see the market have a lot of movement and started kind of paying more attention to what's happening with this wet weather. So, the spring planting delays for the wheat also add to the support of the market, but the idea that we have big supplies could cap any kind of significant rally for the wheat side. That's not saying anything for the corn side and I think we're going to see a lot more volatility ahead."
Chicago July Wheat prices closed yesterday dn 2 at 463
July Corn was up 4 ¼ at 382 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 3 ½ ranging from 5-90 ¼ to 6-00 ¼ DNS wheat with 14 % protein, prices for May were up 1 ranging from 6-17 ¾ to 6-27 ¾
Live Cattle for Jun were up $.80 at 111.25 May Feeder cattle are up $.30 to 134.42 ½ May Class III milk was up .05 cents at 16.33