Foundation To Build On

Foundation To Build On

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for April 28th. As we take a look at the grain markets today, prices drifting lower but experts say this could be a good foundation to steadily build on. Let's go to Todd Horwitz with Bubba Trading.com from the floor of the CME in Chicago.

Horwitz "Wednesday's grain we see markets a little bit softer here, but I don't think there is any real surprise. We see markets have been churning back and forth. Remember, we are on a long term winning streak here. We came down from the depth of the lows, and we have now pushed up to big numbers. It only figures natural to have some selling here. I think the selling's going to continue, and I would think that you would want to look for $3.70 for corn, probably $9.69-40 in beans, and probably all the way back down to $4.60 in wheat ."

Chicago May Wheat prices were dn 5 ½ yesterday, at 475 ¼. May corn ended the day dn 1 ½, at 380. Portland prices for soft white wheat of 10 ½ % protein for May were dn 5 ½ -unch, ranging from 5-39 ¼ to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for April dn 2 ¼, mostly at 5-49 even. DNS wheat with 14 % protein, prices for April were dn ½, ranging from 6-23 ½ to 6-43 ½. April Live Cattle closed the day dn 80 cents, at 126.22 ½. April Feeder cattle were dn 27 ½ cents, at 146.40. April class III milk was dn a penny at, 13-62.

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