Wheat Markets Close Higher
Wheat closed higher, corn traded unchanged and soybeans closed lower. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade — pretty much flat across the board — a little higher, a little lower. Wheat being the strongest, soybeans the weakest. Wheat looks to have found nice base at $5.30 to $5.40 level and has been acting a little stronger here. If there is any global tension, wheat might pop up again. Wheat looks pretty strong here. I’m certainly not interested in shorting these commodities because I think that they want to work their way higher. Even with the strength of the dollar here — they are not getting pommelled.”
Chicago September Wheat ended Wednesday up 5 and 3/4 cents at 5-47 and 1/4. September corn ended the day unchanged at 3-56.
Portland prices for soft white wheat were up 2 and 1/4 to 5 and 3/4 cents at mostly 7-00 and 1/2. White club wheat prices were up 5 and 3/4 to 10 and 3/4 cents at mostly 9-06 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 17 cents at mostly 7-36. DNS wheat with 14 percent protein prices were up 7 and 1/2 to 14 and 1/2 cents at mostly 7-96 and 1/4.
October live cattle were down 42 and half cents on Wednesday at 147-82 and half. September Feeder cattle were up 27 and half cents at 214-47 and half. September class III milk was down 9 cents at 23-98.