Marketline Report for Tuesday, May 28th

Marketline Report for Tuesday, May 28th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Tuesday, May 28th. Volatility in the grain market continues as trade with China remains uncertain. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "Well, I'll tell you what, it doesn't get any more volatile. It's still trading that way down here across all the products that we've got here at the CME Group, but I guess as I've sat in the chair here, we've just seen hogs go limit down. That's probably something we should kind of touch on. Now, the July contract, we've been talking about .88 as a level. That would be a level or line in the sand that the technicians are going to look at about whether or not this contract can bounce off it or trade through it. Well, guess what? Limit down is like 87.95 right, so right there, we're going to have to wait and see how it next opens up to give us a clue about what that trend might be. That's going to be something that the technicians will trade off of and it will give us the next trend for the next few days until maybe something else comes out of China."

Chicago July Wheat prices closed yesterday up 19 ¼ at 490 ¼

July Corn was up 14 ½ at 404 ¾

Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 16 ¾ ranging from 6-12 to 6-22 DNS wheat with 14 % protein, prices for May were up 13 ¾ ranging from 6-33 to 6-48

Live Cattle for Jun were up $.37 ½ at 111.10 Aug Feeder cattle are up $.20 to 142.62 ½ May Class III milk was unch cents at 16.38

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