Marketline Report for Tuesday, May 21st
McGATHEY ... "Wheat really rallied hard. Those better inspections came in and has the market really on a run right now. It has investors really scrambling right now to cover their big short-positions and we knew that this might happen if the market started to rise. And certainly enough, this is why we're seeing it up. We're up double digits for quite a while. The wet weather also is hampering planting, really for corn, wheat and soybeans and inspecting those final crop numbers, but planting schedules are on a record low right now so we're going to see if we, I think that it may give the market a boost over the next couple of weeks."
Chicago July Wheat prices closed yesterday up 13 ¼ at 480 ½
July Corn was up 5 ¾ at 388 ¼
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-70 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 14 ¼ ranging from 6-04 ½ to 6-14 ½ DNS wheat with 14 % protein, prices for May were up 15 ¾ ranging from 6-33 ½ to 6-43 ½
Live Cattle for Jun were up $.07 ½ at 111.65 May Feeder cattle are dn $.37 ½ to 134.25 May Class III milk was dn .01 cents at 16.29