Marketline Report for Friday, June 7th
SHELLADY ... "We got some bullish news this week with 67% planted versus expectations of 71. Well, what did that market do to you if you were a bull and rewarded you with getting the news right? It punished you by selling off and that market sold off pretty fast and that's what these markets do, right? See, I always talks about this. Five years from now when you look back at these events and you'll think man, I should have stayed long, I wish I was longer. A lot of times these good bull markets, and we're not quite in one yet so don't get too far ahead of yourselves, but a good bull market will make it hard for you to stay long and that's why it continues to rally because there aren't a lot of weak bulls in that market so it can go. The strong hands will take it higher and that's really what we might be setting up for here in corn."
Chicago July Wheat prices closed yesterday up 19 ¼ at 511 ¾
July Corn was up 5 ¾ at 421
Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-07 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were up 9 ½ ranging from 6-25 ¼ to 6-30 ¼ DNS wheat with 14 % protein, prices for Jun were up 18 ranging from 6-45 to 6-55
Live Cattle for Jun were dn $.25 at 107.50 Aug Feeder cattle are dn $.17 ½ to 138.77 ½ Jun Class III milk was up .09 cents at 16.21