Wheat Markets Sharply Higher
Wheat markets were sharply higher on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Corn mixed to higher spending most of the day that way. Wheat was mixed on the day but far off its worse levels that we saw in the morning. Japan was the biggest old crop buyer and believe it or not Guatemala the biggest new crop buyer. USDA’s projections of imports were up 10 million bushels and world ending stocks jumped way higher than consensus estimate and traders wondering right what is keeping the bullish lift to wheat.”
Chicago March Wheat ended Thursday up 15 and 3/4 cents at 5-97 and 1/2. March corn ended the day up 4 and 3/4 cents at 3-98 and 1/2.
Portland prices for soft white wheat were up 3 and 1/4 to 10 and 3/4 cents at mostly 7-06 and 3/4. White club wheat prices were up 10 and 3/4 to 15 and 3/4 cents at mostly 9-73 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices had no price comparisons. DNS wheat with 14 percent protein prices were up 3/4 of a cent to 10 and 3/4 cents at mostly 9-38 and 1/4.
February live cattle were down 27 and half cents on Thursday at 162-57 and half. March Feeder cattle were limit down at 224-25. January class III milk was unchanged again at 15-90.