Weak Dollar Drive Pricing Bounce

Weak Dollar Drive Pricing Bounce. I’m Greg Martin. This is Market Line

Market Line May 21, 2009

Both wheat and corn were higher on Tuesday as the weak U.S. dollar and the outlook for Wednesday’s supply and demand report drove prices. According to Louise Gartner at the Linn Group it was a nice “bounce.”

GARTNER: The markets had been selling off rather hard especially corn and wheat and we did get a very nice bounce of key supports today. The crop report causing some position squaring ahead of that and also the dollar sharply lower today along with crude oil higher.

Cattle futures were weighed down by pressure in the U.S. stock market as concerns remain about the recovery from the recession.

On Wednesday Chicago July wheat was 6.13 ¾ up 15 ¾

July corn closed up 9 at 444

Portland soft white wheat 6.10 to 6.20

Club wheat mostly 6.15

HRW 11.5 % protein mostly 6.96

DNS 14% protein mostly 8/23

August live cattle 81.725 up 1.100

August feeders 96.325 up.475

August Class III milk 11.71 up .14

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.