Grains Hopping
This is Matt Rice with the Market Line Report for May 11th. Bazile and Argentina producing smaller crops, helping the US market get back on track. Let's go to Virginia McGathey as she explains in more detail from the floor of the CME in Chicago.
McGathey "Teusday in the grain markets, we've got the markets absolutely hopping. After the USDA report, we did get a whopper of a number, shaving 100 million tons for soy beans and it's set the market all the way up, we were limit up at one point. 65 cents, we've come off its high, maybe up about 57 right now but it definitely is screaming higher. Soy beans has huge volatility, and we expect that to continue certainly going forward. Brazile and Argentina have also lowered their crop size which has helped the market."
Chicago May Wheat prices were up 4 ½, at 453. May corn ended the day up 10 ¾, at 378 ¼. Portland prices for soft white wheat of 10 ½ % protein for May were up 4 ¾, ranging from 5-31 ¼ to 5-79 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for May were up 2, ranging from 5-23 ¼ to 5-33 ¼. DNS wheat with 14 % protein, prices for May were up 8 ½ - 3 ½, ranging from 6-28 ¾ to 6-33 ¾. June Live Cattle closed the day dn 2 ½ cents, at 123.45. May Feeder cattle were dn 60 cents, at 150.80. May class III milk was up 2 cents at, 12-77.
