Marketline Report for Monday, May 27th
This is Bob Larson with the Market Line Report for Monday, May 27th. Trade with China continues to play a significant role in the U.S. Hog market. From the floor of the CME in Chicago, here's Scott Shellady.
SHELLADY ... "Headline this week, the government pledging to give $16-billion in aid to the farmers because they have been on the front lines of the tariff war with China, so initially we were looking at say, $2 a bushel for beans, .63 cents a bushel for wheat, and .05 cents a bushel for corn. We haven't really got anything ultimately pinned down there except for the $16-billion and we'll see how they dole it out. That's going to be something to keep an eye on because that too could change how the markets trade. Speaking of changing how the markets trade, May 10th was a watershed moment, at least for me, in us seeing how China was dealing the U.S. and our negotiators and negotiations, because when they pulled everything off the table and we kind of canceled and had a reset button, that kind of told me that I think this thing is going to last a little bit longer than a lot of folks thought."
Chicago July Wheat prices closed yesterday up 19 ¼ at 490 ¼
July Corn was up 14 ½ at 404 ¾
Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-05 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 16 ¾ ranging from 6-12 to 6-22 DNS wheat with 14 % protein, prices for May were up 13 ¾ ranging from 6-33 to 6-48
Live Cattle for Jun were up $.37 ½ at 111.10 Aug Feeder cattle are up $.20 to 142.62 ½ May Class III milk was unch cents at 16.38
