Marketline Report Monday May 22nd

Marketline Report Monday May 22nd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Monday May 22nd . Plenty of profit taking on the Friday Market. With more from the floor of the CME in Chicago, here's Virginia McGathey ...

McGathey ... "Now, the report that came out last week about China committing to buying beef from the United States has really helped the market. We got that big spike and that surge. Now, we did get a little bit of a sell-off and it's mostly profit taking. But the market moving sideways shows real strength in beef prices and we haven't even begun the summer grilling season and that's going to start on Memorial Day. So, that's really starting to come up and it certainly looks like there's going to be stronger prices coming up as China starts buy some of the beef. We're going to look for prices really starting to rally, but that may not come for another couple of months so we're going to keep that on the back-burner for now."

Chicago July Wheat prices closed yesterday up 9 ½ at 436 ¼ July corn ended the day up 6 ½ at 372 ¼

Portland prices for soft white wheat of Ordinary Protein for July ended the day up 4 ¼ ranging from 4-85 to 4-90 ¼ Hard Red Winter wheat with 11 ½ % protein, prices for July were up 12 ranging from 5-13 to 5-23 DNS wheat with 14 % protein, prices for July were up 11 ranging from 6-55 ¾ to 6-80 ¾

Live Cattle for June were up $.52 ½ at 123.80 May Feeder cattle were up $1.07 ½ at 143.45 May Class III milk was dn 01 cents at 15-60.

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