Marketline Report for Tuesday, May 8th
This is Bob Larson with the Market Line Report for Tuesday, May 8th. Led by Soy and Corn, the grain market takes a dive Monday. From the floor of the CME in Chicago, here's Virginia McGathey.
McGathey ... "Wheat also fell. The exports for March really dropped a lot. It seems that a lot of speculators position has been the smallest in some time because there's a little bit of nervousness when we get this report here after the close today. So, maybe all of the run-up over the last couple of weeks, everyone's kind of taking their money off the table right now so we're looking at 'buy the rumors, sell the fact right now.' That being said, once that report comes out, I think we could get back into some volatile markets and pop right back up. Also, the NAFTA talks have a lot of the traders a little bit nervous on what's on what's exactly going to happen here. And, the U.S. Dollar Index is still creeping higher so that could also be putting a lid on our outside exports so we're going to watch that closely."
Chicago May Wheat prices closed yesterday dn 13 ½ at 515
May Corn was dn 5 ½ at 393 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 4 ¾ ranging from 5-76 ½ to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 16 ¼ ranging from 6-64 ½ to 6-79 ½ DNS wheat with 14 % protein, prices for May were dn 12 ranging from 7-51 to 7-83
Live Cattle for June were dn $.87 ½ at 105.32 ½ May Feeder cattle are dn $2.77 ½ to 137.70 May Class III milk was up .06 cents at 15.27
