Marketline Report for Thursday, May 23rd
McGATHEY ... "The USDA report this afternoon has the market kind of stalled out a little bit. The Cold Storage report is expected to have increased inventories, certainly from last month, but it's lower from last year. So, the futures are unable to hold that upside momentum and we kind of stalled out a little bit here at the bottom, but we're still sitting in oversold conditions so, perhaps maybe after the report, we can get a little bit of a head of steam ahead of the weekend, but it's hard to tell. Feeders were mixed today. The rising grain prices really are capping the futures right now from any significant rally, that the higher grain just means that it's higher feed prices as well. That's really what's adding the pressure."
Chicago July Wheat prices closed yesterday dn 6 at 472 ¼
July Corn was up ¼ at 394 ½
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 dn 3 ¾ ranging from 6-02 ¼ to 6-12 ¼ DNS wheat with 14 % protein, prices for May were up ¾ ranging from 6-33 ¾ to 6-43 ¾
Live Cattle for Jun were dn $.20 at 110.57 ½ May Feeder cattle are up $1.07 ½ to 135.60 May Class III milk was up .06 cents at 16.35