Quiet Day on the Markets

It really seemed like a quiet day as the markets took a breather after the USDA reports were released on Wednesday. While wheat prices were up, corn lagged a bit. Todd Horwitz with CME recaps things.

HORWITZ: A pretty moderate, quiet day as we really move out of July and into December for wheat and corn. We had a little bit of a spike followed by a little bit of a sell up. Really a mixed pattern up here as traders are looking for direction. I think what you want to look for now if you look into December corn - look for 5-15 as a support and about 5-35 as a resistance level. The trend in corn remains the downside so I would certainly rather be on the short side so I wouldn’t mind taking a nibble at 5-15. We look at wheat we look at 6-90 to 7-20.

Now taking a look a a few selected prices:

Chicago July Wheat ended the day up 2 1/2 at 685 1/4.
July corn was off 7 1/4 at 643 1/2.
Portland prices for soft white wheat and club wheat were up 2 3/4 to 2 1/2 at mostly 7.29 1/4.
Hard Red Winter Wheat with 11.5 pct protein prices were 2 at mostly 8-48 1/2.
DNS wheat with 14 pct protein prices were up 4 3/4 to 5 3/4 at mostly 9.21.
August live cattle were down 45 cents at 119.07 and a half.
August Feeder cattle were down 45 cents at 145.47 and a half.
July class III milk was up a penny at 18.09.

I’m Greg Martin and that’s Market Line on the Ag Information Network.