Market Line Report Wed April 5th
Here's Joe Vaclavik from the floor of the CME in Chicago with more.
Vaclavik "USDA gave us their prospective plantings report this past Friday and it is projected that US farmers will plant a record soybean acreage this Spring. Soybean prices have been the most favorable when it comes to major crops here in the US so farmers are looking to take advantage of that. Now, it must be said that soybean prices have fallen quite a bit since those survey results were compiled so there's a chance we could lose some of those acres, but I would guess it's still going to be a record acreage number here in the US. The next big thing is going to be weather, you know what type of planting conditions are we going to see here in this country? What type of production is possible? Ultimately, what type of yield will we be able to put on our soybean balance sheets here in the US? That's going to be the big wild-card moving forward."
Chicago May Wheat prices closed yesterday dn 0 ¾ at 427 ½ . May corn ended the day dn 4 ¾ , at 363 ¼
Portland prices for soft white wheat of Ordinary Protein for April ended the day dn 7 ½ ranging from 4-47 to 4-80 Hard Red Winter wheat with 11 ½ % protein, prices for April up 2 ¾ , ranging from 5-01 ¾ to 5-11 ¾ . DNS wheat with 14 % protein, prices for April were dn 8 ¾ ranging from 6-22 ¼ to 6-62 ¼ .
Live Cattle were dn $1.20, at 118.22. March Feeder cattle were dn $2.05 at 130.85. Jan. class III milk was dn 17 cents at 15-39.