Marketline Report for Thursday, May 10th
This is Bob Larson with the Market Line Report for Thursday, May 10th. The cattle market stable but uncertain in Wednesday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "The market was very firm. It seems that the future's buying showed significant signs of improvement, plus the technical resistance numbers are actually starting to move up, but we are still in a channel and it's creeping really to the upper side of that channel, but still moving directly sideways. Feeders were a little bit choppy. That's not quite as tight of a channel and so I think we're trying to find some direction here. It seems the bearish sentiment really is hanging over the futures market and so it's keeping the market from really rallying, although it hasn't been crashing either. But, it seems that it's kind of sparking the producers to be a little bit more active in pressing the market rates somewhat."
Chicago May Wheat prices closed yesterday dn 3 ¼ at 511
May Corn was dn ¾ at 395
Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 4 ½ ranging from 5-75 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 6 ¾ ranging from 6-56 ½ to 6-72 ½ DNS wheat with 14 % protein, prices for May were dn 2 ¾ ranging from 7-51 ¼ to 7-81 ¼
Live Cattle for June were dn $.62 ½ at 105.60 May Feeder cattle are dn $.57 ½ to 137.07 ½ May Class III milk was up .02 cents at 15.27
