Marketline Report for Thursday, May 30th
This is Bob Larson with the Market Line Report for Thursday, May 30th. Red meat continues a volatile trend in Wednesday trading. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Something that everybody was going to be getting excited about was the dollar and what that could do to exports and, yes, last week we set a yearly high. What I'd like to say is this, be careful about getting too excited about that because I want you to take a look at that chart for four years, right. And if you look at it going back four years, believe it or not, we look at that DXY, that Bloomberg Dollar Index, we're right around 97.5, whatever we are right now going to market, that's right in the middle between the range for the last four years, between 90 and 105, right, 97.5'ish. So, if you want to take the dollar and use it as an excuse for headwinds and/or wind beneath your wings, you can't really say either one of those right now because we're right smack dab in the middle of where we've been over the last four years."
Chicago July Wheat prices closed yesterday dn 14 ¼ at 488
July Corn was dn 1 ½ at 416 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 dn 7 ½ ranging from 6-23 ¼ to 6-28 ¼ DNS wheat with 14 % protein, prices for May were dn 8 ¾ ranging from 6-33 ¾ to 6-48 ¾
Live Cattle for Jun were up $.80 at 112.17 ½ Aug Feeder cattle are up $.50 to 142.82 ½ May Class III milk was up .02 cents at 16.40
