Both Corn and Wheat have Double Digit Losses on Thursday

I’m KayDee Gilkey with the Market Line Report for May 2, 2014.

 

The grain markets were in the red Thursday but cattle prices were very strong. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.

Shover: “Well a sea of red Thursday’s grain trade here at the CME. Funds ruled the narrative today. Starting with corn — corn ended the day down 11 cents. Funds selling right out of the gate. Wheat down 15 cents on the day. We do know that the continued story is average yields are down. We are seeing the lowest second day yield since the year 2000. One estimate I heard today was that Oklahoma’s wheat yield is the lowest we’ve seen in 10 years.”

Chicago July Wheat ended Thursday down 14 and 1/4 at 7-07 and 1/4. July corn ended the day down 12 cents at 5-07.

Portland prices for soft white wheat were mixed down 14 and 1/4 to up a dime at mostly 7-85 and 1/4. White club wheat prices were mixed down 14 and 1/4 to up a dime at mostly 8-45 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 8 and 1/2 cents at mostly 9-10. DNS wheat with 14 percent protein prices were down 7 and 1/2 cents at mostly 8-98 and 1/4.

 

June live cattle were up $2.05 on Thursday at 139-25. August Feeder cattle were up $3 even at 190-47 and half. June class III milk was up 60 cents at 21-82.