Marketline Report for Thursday, May 31st
This is Bob Larson with the Market Line Report for Thursday, May 31st. The grain market is down Wednesday, with soy and corn leading the way. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Now, wheat also fell very hard. Those double-digit losses with that follow-through selling really looked pretty difficult because they came off a 10-month high just yesterday and it seems they just absolutely brought in selling. It seems like a lot of investors just want to take their money off the table, so profit taking ensued and we got everyone falling all over each other selling it left and right even though we still do have hot and dry weather in the U.S. plains. I think this just tells me that the ebbs and flows of these markets, each month we've new highs and new lows and big swings. It looks like this is going to be here to stay for the rest of the summer."
Chicago July Wheat prices closed yesterday dn 14 ½ at 522 ¾
July Corn was dn 6 ½ at 393
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-80 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 15 ¾ ranging from 6-65 ¾ to 6-90 ¾ DNS wheat with 14 % protein, prices for May were dn 16 ½ ranging from 7-56 ½ to 7-71 ½
Live Cattle for June were up $3.00 at 106.12 ½ Aug Feeder cattle are up $3.57 ½ to 148.32 ½ May Class III milk was dn $.01 cents at 15.17
