Is there light at the end of the tunnel in the grain market?

Is there light at the end of the tunnel in the grain market?

Matt Rice
Matt Rice
I’m Matt Rice with the Market Line Report for Friday July 24th. Cattle and Grain markets are in the red, but there is still hope for a positive outlook for grain. From the floor of the CME Group, Oliver Sloup explains.

Sloup: “Choppy day, a lot of red in the corn and beats yet again, but we’re at a pivotal level. There might be light at the end of the tunnel. We’re looking at December corn testing a very pivotal level, 4.08 is very key. We’re looking at that thing to 50% retracement from the June low to the July high. A break below here opens the door to 3.97, that’s the 100 day moving average. However, I do believe we remain range bound. In the meantime, a lot of traders sitting on their hands until we get that August USDA report.”

Chicago September Wheat ended Thursday up 4 and 3/4 at 5-22 & 3/4. September corn ended the day up 1/2 at 403. Portland prices for soft white wheat of 10 1/2 % protein for August New Crop, was a mixed market, down ½ and up 4-3/4, at mostly 6-51 & 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for August New Crop were up 4 & 3/4, ranging from 5-72 even to 5-97 even. DNS wheat with 14 % protein, prices for August New Crop were down 4 & 3/4, ranging between 6-42 & 3/4 to 6-67 & 3/4. August live cattle closed Thursday down $1.35, at 143.15. August Feeder cattle were down $2.75 &, at 209.62 & 1/2. August class III milk was up 24 cents, at 16-63.

 

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