Wheat Export Sell to Egypt Helps Market
Soybeans and wheat both closed higher on Monday, helped by bullish export
inspections data in this week's USDA report as well as a wheat sale to Egypt. From the floor of the CME Group, Terry Roggensack shares his observations of Monday's markets.
Roggensack: "In the wheat market some export sales news provided good underlying support. The market extremely oversold with trend-following funds holding a near record net short position. News that Egypt bought some wheat from the U.S. for the first time in their marketing year, helped provided solid underlying support and we could see a bounce in March wheat of the $5-80 to $5-86 area."
Chicago March Wheat ended Monday up 4 and 1/2 cents at 5-73 and1/2. March corn ended the day up 1 and 3/4 cents at 4-34 and 1/2.??Portland prices for soft white white were up 4 and 1/2 to 9 and 1/2 cents at mostly 6-78 and 1/4. White club wheat prices were up 4 and 1/2 to 9 and 1/2 cents at mostly 7-06 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/4 cents at mostly 7-38 and 3/4. DNS wheat with 14 percent protein prices down 2 and 3/4 cents at mostly 8-33 and 3/4.
?February live cattle were down a dime Monday at 136-60. March Feeder cattle were down $1.17 and half at 166-47 and half. February class III milk was up 26 cents at 20-47.