How Low Can You Go?
How Low Can We go?
I'm Greg Martin. This is Market Line.
Scott Shellady with CME says it was a good Monday and a good way to start off the week especially for wheat but corn continues to struggle.
SHELLADY: Wheat was the one that was a winner on the day up around 12. They settled up around 11 3/4, found some good technical buying. Really what we're talking about down here is how low can we really go? Corn I think is really starting to scrape the bottom of the barrel and 3.50 would probably be my short term target for harvest lows because I think if you look at the last five years, the best five years out of the last twenty-five years and take a little bit of an ethanol adjustment, it puts corn around 3.50
Chicago September Wheat ended Monday up 11 3/4 at 537 3/4.
September corn ended the day up 3 and a 1/4 at 381 1/2.
Portland prices for soft white wheat were. up 11.75 to down 10 at mostly 6.72 3/4.
White club wheat prices were up 11.75 to down 10 at mostly 7.24 1/2.
Hard Red Winter wheat with 11.5 percent protein prices were up 10 at mostly 7.41 1/4.
DNS wheat with 14 percent protein prices were up 11.25 at mostly 8.09 1/4.
August live cattle were 1.32 1/2 at 147.80.
August Feeder cattle were up 30 cents at 210.67 1/2.
August class III milk was up 27 at 20.97.
