Cattle Prices Down on Monday, Wheat Up
It was a positive day for both wheat and corn, but down day for cattle prices. From the floor of the CME Group, Chris Robinson shares his observations of Monday's markets.
Robison: "Nothing has changed fundamentally in the wheat. The story remains the same — there is a lot of wheat worldwide. We're only about 6 or 7 cents off of a three-and-half year low which we posted last week. So these bounces may be an opportunity for you to catch up and do some cash sells or to use it to get some protection under those bushels as we head into the first quarter of the year. So the big thing today is I'd say is that outside markets moving quite a lot and stock market down."
Chicago March Wheat ended Monday up 8 cents at 5-63 and 3/4. March corn ended the day 1 and 3/4 cents at 4-35 and 3/4.?Portland prices for soft white white were up 13 to 23 cents at mostly 7-02. White club wheat prices were up 13 to 23 cents at mostly 7-52. Hard Red Winter wheat with 11.5 percent protein prices were up 8 and 3/4 to 28 and 3/4 cents at mostly 7-72 and 1/4. DNS wheat with 14 percent protein prices were up 6 and 3/4 to 41 and 3/4 cents at 7-93 and 3/4.
February live cattle were down $1-30 Monday at 140-37 and half. March Feeder cattle were down $1-42 and half at 168 even. March class III milk was down 65 cents at 20-82.