Positive Weather Brings Lower Wheat Futures

Moisture in the Southern Plains caused a downturn in grains on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

 

Horwitz: “Wednesday grain trade saw down across the board — down came the grains — after the bullish report on Monday - or what was perceived as bullish with wheat pushing up over $7-10 and corn pushing up over the $5 level. Finally traders have realized that the trends are still down and there are no real reasons to buying or long in these commodities. Knowing that we are going to be planting an exorbitant amount. So we are still seeing a bit of a squeeze here in the front months but if you go out and look at the deferrers you take a look at Decs wheat and Decs corn we’re seeing lower prices.”

 

Chicago May Wheat ended Wednesday down 16 cents at 6-69 and 1/4. May corn ended the day down 11 and 3/4 cents at 4-95 and 3/4.

 

Portland prices for soft white wheat were down 3 and 1/4 to 16 cents at mostly 7-63. White club wheat prices were down 14 to 16 cents at mostly 8-15. Hard Red Winter wheat with 11.5 percent protein prices were down 14 and 3/4 cents at mostly 8-65 and 3/4. DNS wheat with 14 percent protein prices were down 13 to 18 cents at mostly 8-96 and 1/4.

 

June live cattle were up 30 cents on Wednesday at 136-77 and half. May Feeder cattle were up $1.20 at 177-97 and half. May class III milk was up a dime at 22-36.