Wheat Surprises Traders on Monday
I'm KayDee Gilkey with the Market Line Report for February 25, 2014.
Wheat had a strong finish to the day Monday. From the floor of the CME Group Larry Shover shares his observations of the markets.
Shover: "Monday afternoon's grain trade Wow busy markets — not many people were expecting it especially with wheat. After a lower close on Friday and basically an unchanged opening today — wheat up 9 cents on the day. No one can really figure out why. We had the CFTC report that said the shorts had been decreased by 8,800 leaving the position at 34,000 — clearly not enough to move the market up 9 cents today."
Chicago May Wheat ended Monday up 11 and 1/2 cents at 6-17. May corn ended the day down 1 and 1/4 cents at 4-57 and 3/4.
Portland prices for soft white wheat were mixed down 5 and 1/2 to up 7 cents at mostly 7-31 and 1/4. White club wheat prices were mixed down 5 and 1/2 to up 1 and 1/2 cents at mostly 7-81 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 3 and 1/2 to 8 and 1/2 cents at mostly 8-49. DNS wheat with 14 percent protein prices were up 6 and 3/4 to 16 and 3/4 cents at 8-56 and 3/4.
April live cattle were down 22 and half cents Monday at 141-22 and half. April Feeder cattle were up 42 and half cents at 171.62 and half. April class III milk was up 39 cents at 21-29.
