Market Line Report for Monday, May 16th

Market Line Report for Monday, May 16th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Monday, May 16th. Live cattle is off but feeders hold steady in Friday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Today in the livestock market, cattle did make some new lows so traders are worried about the cash trade will decline even further. Any follow-through selling will really pressure the futures and right now there just isn’t enough demand or anything to kind of move this market around. Feeders did rebound though. That corn selloff a little bit today lifted the futures. It’s mainly technical support here and some short covering, but we’re watching closely as the inflation numbers keep flashing in the news, perhaps that’s having an impact kind of stalling out some of these markets.”

Chicago July Wheat prices closed yesterday up 1 ¼ at 1180

July Corn was dn 9 ¾ at 781 ¾

Portland prices for soft white wheat of Ordinary Protein for Jun ended the day dn 5 ranging from 11-00 to 11-25 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were dn 2 ranging from 13-68 to 13-88 DNS wheat with 14 % protein, prices for Jun were dn 2 ½ ranging from 13-93 ½ to 14-18 ½

Live Cattle for Jun were dn $.47 ½ at 132.30 Aug Feeder cattle are up $1.85 to 168.37 ½ Jun Class III milk was dn .34 cents at 23.76

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