Wheat Sharply Lower and Cattle Sharply Higher
It was not a pretty day in the grains markets however, cattle contracts were sharply higher. From the floor of the CME Group Chris Robinson shares his observations of Wednesday’s markets.
Robinson: “Wednesday’s grain trade - what a blood bath. We saw across the board selling as we saw some crop information that shows it is going to be bumper and at this point there isn’t much that will derail the selling pressure. Wednesday’s livestock as we saw in the grains reaching new contract lows — the livestock is unstoppable. Unbelievable as we push up to almost new highs in both live and feeder cattle.”
Chicago December Wheat ended Wednesday down 19 and 1/4 cents at 5-35 and 3/4. December corn ended the day down 11 and 3/4 cents at 3-52.
Portland prices for soft white wheat were steady to down 14 and 1/4 cents at mostly 6-88 and 3/4. White club wheat prices were mixed down 14 and 1/4 to up 35 and 3/4 cents at mostly 9-07 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 3/4 to 15 and 3/4 cents at mostly 7-24 and 3/4. DNS wheat with 14 percent protein prices were mixed down 12 and 1/2 to up 17 and 1/2 cents at mostly 8-27 and 1/4.
October live cattle were limit up $3.00 on Wednesday at 155-42 and half. October Feeder cattle were up $2.95 at 221-77 and half. October class III milk was down 52 cents at 22-67.