Sea of Red in Grains and Cattle on Thursday
It was a not a pretty day in the grains nor in either live or feeder cattle on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Thursday’s grain was a sea of red — really sad given the momentum we saw yesterday. Wheat could not keep up — down 1 to 5 cents on the day. A very volatile Thursday in the livestock arena here at the CME Group in Chicago. We saw feeder cattle down limit in both Sept and October and August cattle down limit as well. We saw during the day down between $2.22 and $3 on the day.”
Chicago September Wheat ended Thursday down 6 and 1/2 cents at 5-61 and 1/2. September corn ended the day down 3 and 3/4 cents at 3-59 and 1/2.
Portland prices for soft white wheat were down 6 and 1/2 to 16 and 1/2 cents at mostly 6-87 and 1/2. White club wheat prices were down 1 and 1/2 to 11 and 1/2 cents at mostly 7-70 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down a dime to 24 cents at mostly 7-41 and 1/4. DNS wheat with 14 percent protein prices were down 8 and 1/2 to 13 and 1/2 cents at mostly 8-14 and 1/2.
October live cattle were down $2.95 on Thursday at 153-even. September Feeder cattle were limit down $3.00 at 217-72 and half. September class III milk was up 21 cents at 21-76.