Marketline Report for Wednesday, April 10th
This is Bob Larson with the Market Line Report for Wednesday, Apr 10th. The latest USDA report confirms a bullish corn market. From the floor of the CME in Chicago, here's Terry Roggensack.
ROGGENSACK ... "We had a USDA report today. Corn bearish news might be priced by now. The report was quite bearish. U.S. ending stocks, 2.053 billion bushels. The trade was looking for 1.988 billion. Exports and feed usage both revised down by 75-million bushels each and then ethanol usage, to make that ethanol, down 50-million bushels. World ending stocks now 314-million tons. Trade was looking for 311.6-million. 307 to 315 was the range so we came in near the high end. All the news was bearish. South America numbers came in higher than expected as well."
Chicago May Wheat prices closed yesterday dn 5 ¾ at 459
May Corn was unch at 360 ¼
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-90 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 4 ranging from 5-97 ½ to 6-22 ½ DNS wheat with 14 % protein, prices for Apr were dn 1 ranging from 6-28 to 6-38
Live Cattle for Apr were up $.10 at 125.60 Apr Feeder cattle are dn $.57 ½ to 145.92 ½ Apr Class III milk was up .08 cents at 15.94
