Marketline Report for Friday, April 26th
This is Bob Larson with the Market Line Report for Friday, Apr 26th. The Cattle On Feed Report shows supply aplenty in Thursday trading. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "We're seeing a major correction, fund long liquidations selling very active the last two days. Cattle On Feed Report late last week showed a steady flow of market-ready cattle into the summer plus this managed money fund trader net long position a record large 152,634 contracts. Beef cutout value is well above last year and well above two years ago. The economy is very strong and improving employment numbers and this is all helping to keep the demand numbers quite strong. With the loss in pork out of China, we could end up with beef demand being very strong and exports may be a benefit."
Chicago May Wheat prices closed yesterday up 2 ½ at 434
May Corn was up ¾ at 347
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn ¼ ranging from 5-74 ½ to 5-99 ½ DNS wheat with 14 % protein, prices for Apr were up 1 ¾ ranging from 6-10 to 6-20
Live Cattle for Apr were dn $2.72 ½ at 124.40 May Feeder cattle are dn $2.97 ½ to 143.57 ½ Apr Class III milk was up .05 cents at 15.96
