Marketline Report for Wednesday, April 17th
This is Bob Larson with the Market Line Report for Wednesday, Apr 17th. It's a bearish supply and demand scenario for soy in Tuesday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "Supply and demand fundamentals looking pretty bearish short-term. Increasing South American supply plus lower than expected demand because of the problems with the pig herd in China. Now, China government reporting 18% down from a year ago as of March. Massive ending stock projections for the U.S. also a key bearish factor. September 1st stocks expected 895-million bushels. Traders gotta remember that's from 435-million last year and also exceeds the previous record of 574-million bushels."
Chicago May Wheat prices closed yesterday dn 14 ½ at 445
May Corn was dn 3 ¾ at 358 ¾
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-90 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 10 ¼ ranging from 5-87 to 6-12 DNS wheat with 14 % protein, prices for Apr were dn 4 ½ ranging from 6-32 ¼ to 6-42 ¼
Live Cattle for Apr were up $.85 at 127.20 Apr Feeder cattle are up $.02 ½ to 145.72 ½ Apr Class III milk was up .03 cents at 15.92
