Another Down Day in Wheat Markets Wednesday
It was another down day in the wheat markets on Wednesday. From the floor of the CME Group, Chris Robinson shares his observations of Wednesday’s markets.
Robinson: “That rally that we had last week to multi-month highs, I hope you took advantage of that. Beans are already 50 to 60 cents off that high from last Wednesday. Corn is about 25 cents off that high from last Wednesday and wheat also down over 25 cents from that high last Wednesday. What is going on? Well, we had option expiration on Friday that drove the market higher. You had a commodity fund in Europe blowout.”
Chicago December Wheat ended Wednesday down 5 and 3/4 cents at 5-24 and 3/4. December corn ended the day up 5 and 3/4 cents at 3-70 and 1/4.
Portland prices for soft white wheat were down 5 and 3/4 cents at mostly 6-81 and 1/4. White club wheat prices were down 5 and 3/4 cents at mostly 9-27 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 3/4 cents at mostly 7-37 and 1/2. DNS wheat with 14 percent protein prices were down 9 and 1/4 cents at mostly 9-04 and 3/4.
December live cattle were down $1.45 on Wednesday at 165-20 January Feeder cattle were down $1.40 at 230-20. December class III milk was up 31 cents at 19-50.