Wheat Markets Begin Short-Week Lower
For the first market day of September, wheat markets were mostly down across the board on Tuesday. From the floor of the CME Group Chris Robinson shares his observations of Tuesday’s markets.
Robinson: “Tuesday, the day after the holiday, first day of the month — earlier in the day kind of a sleepy opening to the market in the grains. Decs corn was down around $3.62 and 3/4. With wheat — down a dime. If you look at December Chicago $5.50 is a key, key area. Every time we’ve had a Putin-rally its followed through to the down side — no follow through to the upside. Same thing since the July lows — wheat has been grinding sidewise.”
Chicago December Wheat ended Tuesday down 8 and 1/2 cents at 5-55. December corn ended the day down a penny at 3-63 and 3/4.
Portland prices for soft white wheat were steady to down 8 and 1/2 cents at mostly 6-99 and 1/2. White club wheat prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 1/4 to 10 and 1/4 cents at mostly 7-35 and 1/2. DNS wheat with 14 percent protein prices were mixed down 7 to up 8 cents at mostly 8-22 and 3/4.
October live cattle were up $1.00-even on Tuesday at 152-42 and half. October Feeder cattle were up $2.10 at 218-82 and half. October class III milk was up 32 cents at 23-19.