Grains Take A Break
This is Matt Rice with the Market Line Report for April 22nd. Grain commodities finally saw an end to the upside swing after markets took a slight drop Yesterday. Let's check in with Oliver Sloup, from the floor of the CME in Chicago with II Trader for the details.
Sloup "We started out with a much higher trade in the overnight session. I want to touch on the corn contract first, specifically I'm going to gear toward that may corn contract. Got above that pivotal $4 level, that's a psychological level, as well as a technical level. We're keeping a very close eye on one thing to note. For this May contract is option expiration tomorrow and the open interest at that $4 call strike."
Chicago May Wheat prices were down 8 ½, at 493 ½. May corn ended the day dn 10 ¼, at 383 ¼. Portland prices for soft white wheat of 10 ½ % protein for April were unch- to up 10 ¾, ranging from 5-52 to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for April dn 4 ¾ to 9 ¾, at 5-73 ½. DNS wheat with 14 % protein, prices for April were dn 6 ¾, ranging from 6-33 ½ to 6-53 ½. April Live Cattle closed the day up 20 cents at 126.62 ½. April Feeder cattle were up 5 cents at 149.52 ½. April class III milk was dn 4 cents, at 13-67.
