Market Line Report Friday May 5th

This is Bob Larson with the Market Line Report for Friday May 5th. Mixed results in the cattle market Thursday continues a sting of upside trading. With more from the floor of the CME in Chicago, here's Joe Vaclavik ...

Vaclavik ... "The live cattle market was mixed on Thursday. We've had an enormous amount of volatility this week. A limit up-trade for a couple of days in a row. As a matter of fact, I think we've seen higher closes in 19 of the last 21 trading sessions which is really just a phenomenal run here. So, a lot of volatility. We did see the market spike up into some new highs this morning. We then saw the market set back a little bit. So, maybe the markets just become exhausted here after what's been a phenomenal bull run."

Chicago May Wheat prices closed yesterday dn 17 at 425 ¾ May corn ended the day dn 8 ¼ at 358 ½

Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 5 ¼ ranging from 4-57 ¾ to 4-85 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 18 ¾ ranging from 5-14 ½ at 5-34 ½ DNS wheat with 14 % protein, prices for May were up ¼ ranging from 6-47 ½ to 6-67 ½

Live Cattle for June were up $1.25 at 131.27 ½ May Feeder cattle were dn $5.02 ½ at 148.25 Class III milk was up 18 cents at 15-50.