Argentina Weather Driving Grain Prices

Argentina Weather Driving Grain Prices

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Dec. 7th. US grain commodities relying heavily on Argentina's weather, dryer weather mean's better markets for us. Here's Steve Freed with Ag Futures to explain the grains in more depth.

Steve Freed "Good Morning Steve Freed in Chicago with the morning grain commentary we have soybean prices higher again over night. Yesterday, we had a nice bounce in both soybean and corn prices, initially the thought process was that China was an aggressive buyer with both US and Brazil beans last week and that offered some support in the market. We also had a bounce after the weekly export inspections were higher than expected for both corn and soybeans."

As we take a look at those Chicago markets, May Wheat prices closed the day dn 1, at 418 ¼. While Chicago May Corn prices were up 1, to close the day at 366 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for April were dn 1-unch, ranging from 4-54 ¼ to 4-67. Hard Red Winter Wheat with 11.5 % protein, future prices for March were dn 3 ½, ranging from 4-95 to 5 even. DNS Wheat with 14 % protein, prices for March were dn ¾, ranging from 6-34 to 6-59. April Live Cattle closed the day up $2.05 cents, at 110.77 ½. April Feeder cattle were up $2.37 ½, at 123.10. Feb. class III milk was dn 17 cents at 16-66.

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