Marketline Report for Friday, May 31st

Marketline Report for Friday, May 31st

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Friday, May 31st. The roller coaster continues in traders along for the ride on the grain market. From the floor of the CME in Chicago, here's Scott Shellady.

SHELLADY ... "It think it's really important to note that, you know, corn has been ground zero for this rally we've seen in the ag markets. I mean, we got a great move in wheat today, up 20-some-odd-cents. We had 15-something cents in soybeans as well. But, that's all going to be driven by the corn market, right. So if you're trading those other things, be careful because they're trading right now in sympathy with corn. Corns the one we're talking about. Corns the one we're trying to get out in the field. When corns done, then we'll start the beans and the beans will be the next thing we'll have to worry about. A little bit of a crossover with wheat, say in ethanol-wise, but really the ground zero for this market is that it's a weather market. There's a little bit of greed involved too, but it's a weather market and the weather markets in corn and corn is effecting those other things."

Chicago July Wheat prices closed yesterday up 24 at 514

July Corn was up 17 ½ at 436

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 25 ¾ ranging from 6-49 to 6-54 DNS wheat with 14 % protein, prices for May were up 14 ¾ ranging from 6-48 ½ to 6-63 ½

Live Cattle for Jun were dn $2.27 ½ at 109.95 Aug Feeder cattle are dn $4.50 to 138.22 ½ May Class III milk was dn .01 cents at 16.37

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