Wheat and Corn Higher, Cattle Lower

Wheat and Corn Higher, Cattle Lower

I'm KayDee Gilkey with the Market Line Report for Monday, May 29th. From the floor of the CME Group here is Virgina McGathey

McGathey: "Cattle market sells off after the USDA report the bearish report came out — it really sunk the futures maybe down almost $2.50. It looked like the numbers came out way bigger than expected for placements. Those kind of numbers are what push the markets around. Right before the holiday, with the volume lower, the sellers really took over and the bears were in charge and really pushed this market down. Looking at the feeders was a huge sharp drop almost limit down. Closing almost all the way down at $4. The sentiment has turned bearish."

Chicago July Wheat prices closed Friday up 7 and 1/2 cents at 4-38 and 1/4. July corn ended the day up a nickel at 3-74 and 1/2.

Portland prices for June soft white wheat of Ordinary Protein ended the day up 4 and 1/4 cents ranging from 4-85 to 4-93 and 1/4. Hard Red Winter wheat with 11.5% protein, prices for June were up 6 and 1/4 cents ranging from 5-12 and 1/2 to 5-22 and 1/2. June DNS wheat with 14 % protein prices were up 6 and 1/2 cents ranging from 6-68 and 3/4 to 6-93 and 3/4.

August live cattle were down $2.45 on Friday at 118-95. August feeder cattle were down $4.17 and half at 146-95. July class III milk was down 21 cents at 17-04.

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