Bullish Short-term Trend for Wheat and Corn

Bullish Short-term Trend for Wheat and Corn

I'm KayDee Gilkey the Market Line Report for Tuesday, May 23rd. Here is Virginia McGathey from the floor of the CME Group

McGathey: "There is a little bit of bullish momentum and it has really turned that short-term tend to the upside. It's been very helpful for corn. The technical numbers are giving some of the traders a reason to buy that corn right now in light of the fact that there are big supplies out there. There is weather markets and a lot of things to come for this summer. No one wants to be caught flat footed with nothing on board. Wheat on the other hand is getting ready to test its resistance numbers — only off by one cent."

Chicago July Wheat prices closed Monday down a penny at 4-34 and 1/4. July corn ended the day up 2 and 1/2 cents at 3-75.

Portland prices for June soft white wheat of Ordinary Protein ended the day down a penny ranging from 4-84 and 1/4 to 4-89 and 1/4. Hard Red Winter wheat with 11.5% protein, prices for June were down 2 cents ranging from 5-11 to 5-21. June DNS wheat with 14 % protein prices were up 3 and 1/2 cents ranging from 6-59 and a 1/4 to 6-84 and 1/4.

June live cattle were up 47 and half cents on Monday at 123-92 and half. August feeder cattle were up $2.32 and half at 152-77 and half. July class III milk was down 2 cents at 16-75.

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