A Down Day on the Markets

It seemed a down day across the markets on Friday. Corn futures traded mixed, still a little shaken after Thursdays whipsaw action. July was much higher earlier, sucking back later. The International Energy Agency (IEA) in a surprising action announced they will release 60 million barrels of mostly US and EU crude oil reserves over the next 30 days. This is to replace missing Libyan output.

Cattle futures traded lower on Friday, reversing earlier strength. Cash cattle business in the Southern Plains was inactive on very light demand and not enough sales to make a market trend.

Wheat futures were down mildly after cheap Tunisian wheat purchases triggered a sell off in European wheat that spread to US grain markets yesterday. Even with good rains in Europe, some areas may have been too far gone to be saved, potentially lowering production.

On Friday Chicago July wheat down 17 1/2 cents at 6-31 1/2.
July corn down 10 1/2 at 670
Portland soft white wheat and club wheat mostly 6-70.
New crop August white wheat 6-65 to 6-87.
Hard red winter 11.5 percent protein down 11 cents at 7-92 to 8-09.
DNS 14% protein mostly 10.55

August live cattle up +0.775 at 113.50
August feeders up +0.750 at 138.60
July Class III milk up +0.43 to 20.28

I’m Greg Martin and that’s Market Line on Northwest Aginfo Net.