Wheat Trades Flat to Lower on Thursday
Canadian wheat production was reported with 1.5 million metric tons more than had been estimated previously. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Wheat was very stunning given the big sell off we had yesterday and early this morning ended up in the flat zone. March flat on the day. Nothing really big to carry the narrative, a lot of people think it was in sympathy with the other markets. We did see Canadian production report came out a little bit better than estimate projection. Sales were definitely a little bit on the light side but definitely within consensus.”
Chicago March Wheat ended Thursday up a 1/4 of a cent at 5-89 and 3/4. March corn ended the day up 7 and 3/4 cents at 3-89 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to down 9 and 3/4 cents at mostly 7-03 and 1/4. White club wheat prices were up a 1/4 of a cent at mostly 9-64 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/2 to 26 and 1/2 cents at mostly 7-46 and 1/4. DNS wheat with 14 percent protein prices were down 4 and 1/4 to 14 and 1/4 cents at mostly 9-57.
February live cattle were down 15 cents on Thursday at 166-97 and half. March Feeder cattle were up 15 cents at 232-05. January class III milk was down 42 cents at 16-18.