Sea of Red in Grain Markets Thursday
On Thursday all grains suffered double-digit losses with warmer weather for corn planting returning to the forecast. From the floor of the CME Group Chris Robinson shares his observations of Thursday’s markets.Robinson: “Today, just a sea of red in the grains. We were led overnight lower by corn. Corn traded to a seven-week low. It was a key movement in both July corn and Decs corn. If you look at the lows from January to the recent highs — we had an 82 cent rally in July corn. We came back at least half way back today on the break. Typical story — It takes three months to make 82 cents and we drop half of it in the last five or six days. July wheat — in the past six sessions we’ve lost 64 cents.”Chicago July Wheat ended Thursday down 12 cents at 6-78 and 1/4. July corn ended the day down 11 and 1/4 cents at 4-84 and 1/4.?Portland prices for soft white wheat were down 10 to 12 cents at mostly 7-55 and 1/2. White club wheat prices were down 10 to 12 cents at mostly 8-00 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 27 and 1/2 to 32 and 1/4 cents at mostly 8-56 and 3/4. DNS wheat with 14 percent protein prices were down 23and 1/2 cents at mostly 8-88.?June live cattle were down a nickel on Thursday at 137-40. August Feeder cattle were down 2 and half cents at 192-42 and half. June class III milk was down 37 cents at 20-57.