Grain Markets Down on Harvest Progress News
Weakness in corn, good moisture in the forecast for the plains and talk of excellent early establishment for the soft red crop in the southern Midwest helped to spark the selling. From the floor of the CME Group, Kyle Schrad shares his observations of Monday's markets.
Schrad: "For today in the grain markets the trade was dominated by the bears. We saw December corn close 9 and 1/4 at 4-30 and 3/4. A lot of the talk over the weekend was about strong harvest progress occurring. Elevators got flooded with some soybeans. We heard talk of a lot of weakness in the cash market today. Basis was softening across the board. Set fresh lows on the corn market and we closed very near those lows so a lot of downside pressure this week."
Chicago December Wheat ended Monday down 9 and 3/4 cents at 6-81. December corn ended the day down 9 and 1/4 cents at 4-30 and 3/4.??Portland prices for soft white white were down 9 and 3/4 cents at mostly 7-17 and 1/2. White club wheat prices were down 9 and 3/4 cents at mostly 7-62 and 1/2. Bids for Hard Red Winter and DNS wheat were not available for October or November delivery as most exporters were not issuing bids for nearby delivery.
?December live cattle were up 82 and half cents Monday at 133-80. November Feeder cattle were up 42 and half cents at 167-07 and half. November class III milk was up a penny at 18-74.