Wheat Market Gets Hammered Wednesday
Wednesday found the wheat markets with double digit losses. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets. Horwitz: “Wednesday’s grain trade really saw a pretty dramatic reversal in wheat. As we’ve talked about the last several weeks wheat has really been the weak sister. If there is peace in the Ukraine — then wheat is going lower and that’s what we’ve saw. Wheat has moved up and down only based on what is happening in Ukraine. So the bottom line here is that we want to look to be on the sell side of this market. Now we’re at levels in corn and wheat I’m not such an anxious seller, I’m certainly not a buyer — am looking for spots to sell.” Chicago July Wheat ended Wednesday down 19 cents at 6-90 and 1/4. July corn ended the day down 7 and 1/4 cents at 4-95 and 1/2. Portland prices for soft white wheat were down 10 to 19 cents at mostly 7-66 and 3/4. White club wheat prices were down 10 to 19 cents at mostly 8-11 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 18 and 1/2 cents at mostly 8-86 and 1/4. DNS wheat with 14 percent protein prices were down 16 and 1/2 cents at mostly 9-11 and 1/4. June live cattle were up 45 cents on Wednesday at 137-45. August Feeder cattle were up 77 and half cents at 192-45. June class III milk was up 24 cents at 20-94.