Wheat Down After USDA Reports More Ending Stocks

Wheat Down After USDA Reports More Ending Stocks

I’m KayDee Gilkey with the Market Line Report for April 10, 2014.

Wheat started Wednesday higher but ended down on the day. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.?Horwitz: “Wednesday’s grain trade — wild day in the markets today as we saw almost a key reversal as corn, wheat and soybeans rushed higher earlier only to fall back later in the day. We saw corn go up to $5.19. We saw wheat go up to almost $7. It is really an interesting market here. As we look at this overall market here they do look like the short silo squeeze is happening. This is very typical action when we see a market where the shorts are getting squeezed. Look for the markets for opportunities to sell because the most likelihood is that the markets are going to sell off and sell off hard.”

Chicago May Wheat ended Wednesday down 12 cents at 6-69. May corn ended the day down 4 and 3/4 cents at 5-02 and 1/4.

Portland prices for soft white wheat were down 12 to 21 cents at mostly 7-54. White club wheat prices were down 21 to 22 cents at mostly 8-04. Hard Red Winter wheat with 11.5 percent protein prices were down 8 and 1/4 to 10 and 1/4 cents at mostly 8-53 and 1/4. DNS wheat with 14 percent protein prices were down 10 and 1/2 cents at mostly 8-70 and 3/4.

June live cattle were up 35 cents on Wednesday at 135-62 and a half. May Feeder cattle were up $1.35 at 180-22 and half. May class III milk was down 13 cents at 21-45.

 

 

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