Marketline Report for Tuesday, April 23rd
This is Bob Larson with the Market Line Report for Tuesday, Apr 21st. Monday trading sees prices fall in the cattle market. From the floor of the CME in Chicago, here's Virginia McGathey.
ROGGENSACK ... "Today in the livestock market, live cattle really dropped. The weak cash prices to start the week kind of really pressured the market lower as traders digest the cattle on feed report from last Thursday they kind of let go of some of their longs. The beef cutouts did offer little support and that's why the market was pushed lower. But, overall there is really some outlook that we're just at the beginning of the grilling season and seasonally we should get a little bit of an uptick. And, of course, feeders followed the live cattle as well lower. That bearish cattle on feed report just told us that if placements were larger than expected and that could add even more pressure as we go through the summer months that we're going to add more supplies."
Chicago May Wheat prices closed yesterday dn 8 ½ at 435 ¾
May Corn was dn 3 ¾ at 354 ½
Portland prices for soft white wheat of Ordinary Protein for Apr ended the day dn 5 ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were dn 8 ¼ ranging from 5-81 ¾ to 6-06 ¾ DNS wheat with 14 % protein, prices for Apr were dn 14 ranging from 6-14 ¼ to 6-24 ¼
Live Cattle for Apr were dn $.02 ½ at 128.60 May Feeder cattle are dn $.72 ½ to 150.72 ½ Apr Class III milk was dn .01 cents at 15.92
