Marketline Report for Friday, May 3rd
This is Bob Larson with the Market Line Report for Friday, May 3rd. Corn shows signs of a quiet recovery in the grain market on Thursday. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Alright, let's talk about corn today. As we say in the business, 'sharply unchanged' right? Well, actually, it was just up a little bit of a quarter, a tick in the front here. And, what does that mean? Well, we're basically crawled back after the year-long meltdown and we're going to sit here and wait to see what happens. I mean, yesterday was a good example. We opened up strong on a little weather news, things are a little wet and the funds came in and slapped it again. So, speaking about funds, they're still very, very short. And, what's going to be something that's going to make them want to turn and run? And, when they finally do turn and run, that's when you're going to see some decent up moves in corn. So, we're going to need to see some new type of impetus to change the way things are going right now, and right now they feel very comfortable and that's why they're continuing to either A: add to their positions, or B: not spook themselves on the way out."
Chicago May Wheat prices closed yesterday up 8 ¼ at 433 ¾
May Corn was up 2 at 362
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-60 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 3 ¾ ranging from 5-53 to 5-78 DNS wheat with 14 % protein, prices for May were up 10 ¼ ranging from 6-05 ¼ to 6-10 ¼
Live Cattle for Jun were dn $.20 at 113.77 ½ May Feeder cattle are dn $2.40 to 139.00 May Class III milk was up .05 cents at 16.20
