Grains and Cattle Lower on Wednesday
Both grains and livestock markets were lower on Wednesday. From the floor of the CME Group, Todd Horwtiz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grains saw continued pressure across the board as corn finally broke down through the four handle and is in the three handle. Wednesday’s livestock we saw a little bit of profit taking in cattle. If we take a look at live cattle a $1.50 right around that looks to be a support level. Feeder cattle $2.10. I think these prices are being held up here artificially as we are in the height of the season or height of buying. I wouldn’t get too excited but certainly you have to keep trying to buy these until they tell you differently.”
Chicago September Wheat ended Wednesday down a nickel at 5-51 and 1/4. September corn ended the day down 7 cents at 3-91 and 1/4.
Portland prices for soft white wheat were priced at mostly 6-76 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were at mostly 7-48 and 1/4. DNS wheat with 14 percent protein prices were down at 8.00 and 1/4.
August live cattle were down $2.72 and half on Wednesday at 150-80. August Feeder cattle were down $2.30 at 213-60. August class III milk was down 18 cents at 20-35.