Bearish USDA Stocks and Acreage Report on Monday
Monday’s USDA release of its Stocks and Acreage Reports was bearish and the grains markets all finished the day lower. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.
Robinson: “Well, here it is the 30th and we got our USDA number out. This is a huge information dump — but long story short — beans 40 to 50 lower, corn anywhere from 20 to 30 lower though it has come back and is now is about 16 lower - a lot of volatility. Wheat down about 20 cents. You know it is going to be a volatile day, it is the last day of the quarter. On the first we’re going to have new money coming in — is it going to be long or short? We’ll see. I think it is more important where we settle on Friday than where we settle today.”
Chicago September Wheat ended Monday down 16 and 1/4 cents at 5-77 and 1/2. September corn ended the day down 23 and 1/2 cents at 4-18 and 3/4.
Portland prices for soft white wheat were steady to down 20 and 1/2 cents at mostly 6-82 and 1/2. White club wheat prices were down 20 and 1/2 cents at mostly 7-25. Hard Red Winter wheat with 11.5 percent protein prices down 21 and 1/2 cents ranging between 7-90 and 1/4 to 8-00 and 1/4. DNS wheat with 14 percent protein prices were down 15 and 1/2 to 16 and 1/2 cents at mostly 8.52.
August live cattle were down $1.05 and half on Monday at 150-07 and half. August Feeder cattle down $1.55 at 212-77 and half. August class III milk was down 12 cents at 21-18.