Wheat Rallies on Positive Soybean and Corn News
All grains were in the black on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Well, no lack of action here at the CME Group on Thursday. When we talk about the grain markets, we have to talk about soybeans. After the sales report, a little bit of a lag but then we end up jumping mid-day, beans close up 28 cents. Blowing the doors of estimates for combined sales. Moving on to wheat — wheat was in the black all day but did have a slightly volatile session and Decs closed up five cents. Weekly sales were actually a little lower or the low end of consensus at 275,200 metric tons.”
Chicago December Wheat ended Thursday up 4 and 1/2 cents at 5-26 and 3/4. December corn ended the day up 6 and 3/4 cents at 3-59 and 3/4.
Portland prices for soft white wheat were up 4 and 1/2 cents at mostly 6-93 and 1/2. White club wheat prices were up 4 and 1/2 cents at mostly 9-35. Hard Red Winter wheat with 11.5 percent protein prices were steady to down 15 cents at mostly 7-58 and 1/4. DNS wheat with 14 percent protein prices were up 2 and 1/4 cents at mostly 9-17.
December live cattle were up $1.00 on Thursday at 169-10. November Feeder cattle were up $1.52 and half at 236-70. November class III milk was down 73 cents at 21-01.