Marketline Report for Wednesday, May 9th
This is Bob Larson with the Market Line Report for Wednesday, May 9th. The grain market looks strong dealing with a potential trade war. From the floor of the CME in Chicago, here's Todd Horwitz.
HORWITZ ... "We're really in this big ole congestion range and of course we'll call this the trade war trauma, but of course, we're not really in agreement that there's a problem with the trade wars. In fact, actually, I believe that this will actually benefit farmers and producers because China can't do without us. We CAN do without China. And, the bottom line is, we have a consumable commodity, it's got to be used and there's going to be a demand for it. There could be a little more of a rough spot in the middle, but as we've noticed since the big announcement came, we're much higher now than when it happened. So, now we're really just stuck in this consolidation range and working on seeing a little bit of selling pressure here over the last couple of days, again a little bit of a rally here, but we're looking at the $10 level as the spot to step back in and look for a run."
Chicago May Wheat prices closed yesterday up 3 ¾ at 516 ½
May Corn was up 2 ½ at 395 ¼
Portland prices for soft white wheat of Ordinary Protein for May ended the day up 3 ranging from 5-79 ½ to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 1 ¼ ranging from 6-63 ¼ to 6-78 ¼ DNS wheat with 14 % protein, prices for May were up 3 ranging from 7-54 to 7-84
Live Cattle for June were up $1.12 ½ at 106.57 ½ May Feeder cattle are up $.10 to 137.82 ½ May Class III milk was up .01 cents at 15.29
