Thursday Was Mixed Day for Grain Markets

I'm KayDee Gilkey the Market Line Report for Friday, May 12th. From the floor of the CME Group here is Joe Vaclavik with comments on Thursday's grain markets.

Vaclavik: "Corn market was mixed to mostly lower on Thursday. On Wednesday we had a USDA report that was a little bit friendly relative to expectations. The ending stock projections — both for the world and for the U.S. — were a little bit lower than expectations so saw some buying interest on Wednesday but really didn't see the buying interest here on Thursday. A lot of these USDA projections, the balance sheets are hugely a function of the yield number and that is hugely a function of weather. It is way too early in the growing season for us to try and put a number on this yield."

Chicago July Wheat prices closed Thursday up 2 cents at 4-33 and 3/4. July corn ended the day down 4 and 1/2 cents at 3-69 and 1/4.

Portland prices for June soft white wheat of Ordinary Protein ended the day unchanged to up 2 cents ranging from 4-70 to 4-88 and 3/4. Hard Red Winter wheat with 11.5% protein, prices for June were up 1 and 1/2 cents ranging from 5-15 and 3/4 to 5-25 and 3/4. June DNS wheat with 14 % protein prices were up 3 and 1/4 cents ranging from 6-48 and a 1/4 to 6-73 and 1/4.

June live cattle were down 27 and half cents on Thursday at 123-92 and half. August feeder cattle were down at $1.60 at 147-32 and half. June class III milk was up 6 cents at 15-61.