Thursday Marks End of Week's Wheat Market Rally
Thursday brought the end to wheat markets rally. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Thursday’s grain action at the CME Group in Chicago really a mixed bag. Wheat was the only outlier. After being up several days in the row, Decs wheat down about 12 cents on the day. Started off weak, a little bit higher on the opening and continued downward showing a fairly weak sales report. Kansas City protein came up to with the week up 14 percent — $1.60 to $1.70 per bushel. But nothing to change the narrative but that harvest is better than expected.”
Chicago December Wheat ended Thursday down 14 and 1/2 cents at 4-93 and 1/4. December corn ended the day up 1 and 1/2 cents at 3-44 and 3/4.
Portland prices for soft white wheat were down 4 and 1/2 to 14 and 1/2 cents at mostly 6-59. White club wheat prices were down 14 and 1/2 cents at mostly 9-06 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 13 and 3/4 cents at mostly 7-26 and 3/4. DNS wheat with 14 percent protein prices were down 11 and 1/2 cents at mostly 8-99 and 1/2.
December live cattle were down $2.17 and half onThursday at 165-87 and half. November Feeder cattle were down $1.40 at 241-52 and half. November class III milk was up 57 cents at 21-87.