Outside Market Forces Pressure Grain Markets

Outside Market Forces Pressure Grain Markets

I'm KayDee Gilkey with the Market Line Report for May 8, 2012.

Wheat futures rallied into positive territory for Chicago and KC, while MPLS again settled lower.?
From the floor of the CME, Scott Shellady with Bradford Capital shares his observations of Monday’s markets.

Shellady: “If you take that 2.2 percent GDP number that we’ve got last week and strip out cars which is 1.6 of it, it is really pretty horrible growth number. So we’ve got a bad GDP number, we’ve got a horrible job number; I just don’t feel good about what the economy’s got going forward. I want to find something good and bring it to the forefront. I think that is going to have to be these corporate profits and how their earnings were this year. But still we had those expectations set so low that it was pretty easy to get over it. So how is that going to affect the ag market going forward? It is going to affect your marketing plans in this way -- because I think that you are going to see an economy that is going to get worse going forward.”

Chicago July Wheat ended Monday up 2 and 1/2 cents at 6-12. July corn was down a 1/4 of a cent at 6-20.

Portland prices for soft white wheat and club wheat were unchanged to down a nickel at mostly 6-73. Hard Red Winter Wheat with 11.5 pct protein prices ranged down a penny to up 4 cents at mostly 7-29. DNS wheat with 14 pct protein prices ranged down 3 to 8 cents at mostly 8-80.

June live cattle ended up 90 cents at 116-28. August Feeder cattle were up $1.35 at 159-45. June class III milk was up 17 cents at 14-26.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.