Sea of Red in Grain Markets Tuesday
Better than expected weather from over the long weekend played a part in the down grain markets Tuesday. From the floor of the CME Group, Chris Robinson shares his observations of Tuesday’s markets.
Robinson: “Two and half lows — two fresh lows for both corn and wheat. Soybeans came under pressure but that’s after a great week last week. Traders maybe getting a little bit anxious because the planters are rolling. We have a Planting Progress Report out today at 3 p.m. We’ll see what impact that has with these markets. These funds are looking the weather forecast — just like everybody else — they have been betting on a on a weather issue and a supply shock. Over the next 14 to 21 days it really comes down to Mother Nature and the weather.”
Chicago July Wheat ended Tuesday down 11 and 1/2 cents at 6-41. July corn ended the day down 8 and 1/4 cents at 4-69 and 3/4.?Portland prices for soft white wheat were down 8 to 11 and 1/2 cents at mostly 7-24. White club wheat prices were down 8 to 11 and 1/2 cents at mostly 7-69. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 3/4 cents at mostly 8-13 and 1/4. DNS wheat with 14 percent protein prices were down 2 to 7 cents at mostly 8-51 and 1/2.
June live cattle were down 70 cents on Tuesday at 135-60. August Feeder cattle were up 65 cents at 193-50. June class III milk was up 72 cents at 21-78.