Food Prices Accelerate & Grains Stumble
Market Line May 18, 2009
Supermarkets appear to have lost some of their pricing power as
Friday was not a good day for the grain markets. Corn futures stumbled ending at session lows amid strong outside markets and overbought conditions. Terry Linn with the Linn Group.
LINN: A tough end to the week in the grain markets with sharp corrections all around the Chicago Board of Trade. Traders attributed the sell-off to profit taking and risk aversion heading into the weekend with additional pressure from outside markets and a weather outlook that many consider turning bearish next week for corn.
July corn off 11 at 417 1/4
Club wheat mostly 5.70 up 5 to 7
HRW 11.5 % protein mostly 6.68 unch
DNS 14% protein mostly 8.23 up 8
June live cattle 82.375 dn .425
August feeders unchanged
June Class III milk closed 10.32 dn .09
I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.