Marketline Report for Wednesday, May 29th
This is Bob Larson with the Market Line Report for Wednesday, May 29th. Volatile is the word in grain market as prices shoot skyward on planting fears. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Well, what a volatile day down here today and we had a great holiday weekend, but if you were anywhere near where I was, where I got a lot of rain, you'll understand why corn was up so much today. Corn gapped higher today. We've got Planting Progress again tonight. We've got an expectation of 65%. We had some really good, big showers come through again. You say yesterday, Memorial Day, I'm in Indiana and nothing's been planted around me whatsoever. I know that that's anecdotal, but I think that there's a lot of other folks that are very behind. We've got a Planting Progress number tonight that's going to show, hopefully, that we're at least 65% planted because that's the number we're expecting. Anything less than that and analysts are not looking at say 63% that could give this market some support. So, we have to be careful."
Chicago July Wheat prices closed yesterday up 15 ¼ at 503 ½
July Corn was up 16 at 420 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 18 ¾ ranging from 6-30 ¾ to 6-40 ¾ DNS wheat with 14 % protein, prices for May were up 9 ½ ranging from 6-42 ½ to 6-57 ½
Live Cattle for Jun were up $.37 ½ at 111.50 Aug Feeder cattle are dn $1.00 to 142.50 May Class III milk was unch cents at 16.38
