Wheat and Corn Slightly Below Expectations

There were really no big surprises from the USDA stocks report on Monday. From the floor of the CME Group, Kevin Craney shares his observations of Monday’s markets.

 

Craney: “Grains trading in a voltiality season today with a USDA report out this morning. Really when we look at that report we see old crop corn, wheat and soybeans all trading much higher on the day, really when it comes down to ending stocks. For ending stocks for corn we saws 7 billion bushel which is a touch under what the trade estimates were expecting. For wheat coming in about at trade expectations — a little over a billion bushels of wheat. So for the Monday trade on the old crop grain producers were quite stronger and will remain that way with such tight ending stocks.”

 

Chicago May Wheat ended Monday up 1 and 3/4 cents at 6-97 and 1/4. May corn ended the day up a dime at 5-02.

 

Portland prices for soft white wheat were mixed down3 and 1/4 cents to up 1 and 3/4 cents at mostly 7-83 and 1/2. White club wheat prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up a 1/2 of cent at mostly 8-91. DNS wheat with 14 percent protein prices were mixed down 7 cents to up 3 cents at mostly 9-06 and 3/4.

 

June live cattle were down 85 cents on Monday at 137-50. May Feeder cattle were down $1.65 at 177-85. May class III milk was up 7 cents at 21-71.