Prices Cool Across the Grain Markets
The rally in the grain futures slowed down on Thursday. From the floor of the CME Group Larry Shover shares his observations of Thursday’s markets.
Shover: “Thursday’s grain trade much slower than yesterday at the CME but still worthwhile to talk about with a lot of interday moves. Starting with Decs wheat spent most day around the flatline. Sales did come out slightly better than consensus that kind of put a bullish narrative to the trade. We had Russian projections come out from both SAV-Econ and ICAR. ICAR was about 46.5 million metric tons. SAV-Econ was about 50 million metric tons.”
Chicago December Wheat ended Thursday down 2 and 1/4 cents at 5-36. December corn ended the day down 1 and 1/4 cents at 3-74.
Portland prices for soft white wheat were steady to down 27 and 1/4 cents at mostly 6-89. White club wheat prices were down 2 and 1/4 to 47 and 1/4 cents at mostly 9-35 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 4 and 1/2 cents at mostly 7-55. DNS wheat with 14 percent protein prices were down 4 and 3/4 cents at mostly 9-22 and 3/4.
December live cattle were up 57 and half cents on Thursday at 167-32 and half. November Feeder cattle were up $1.17 and half at 234-22 and half. November class III milk was down 12 cents at 21-25.