Positive Day in Cattle Futures and Slightly Higher in Wheat Markets
Corn and wheat had slight to modest gains on buying interest.Cattle had the first positive day in about a week. From the floor of the CME Group, Larry Shover shares his observations of Wednesday’s markets.
Shover: “Thursday’s grain market here at the CME in Chicago. It was an up day for everything. Starting with wheat, wheat up most of the day up between 9 to 15 cents. March wheat closed up 4 cents on the day after being up double digits yesterday. The word on the street here is, ‘Why is everyone talking about Russia when there is ample supply coming from everywhere else.?’ It seems like it is clouding up — wheat is up six days in a row. Traders are just laying into this laying out shorts right. Perhaps that is why we continue to rallying”
Chicago March Wheat ended Thursday up 6 and 3/4 cents at 6-55 and 1/4. March corn ended the day up 2 and 3/4 cents at 4-11.
Portland prices for soft white wheat and white club white had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices had no price comparisons. DNS wheat with 14 percent protein January prices were mixed down 33 and 3/4 cents to up 1 and 1/4 cents at mostly 9-46.
February live cattle were up $2.70 on Thursday at 158-52 and half. March Feeder cattle were up $1.52 and half at 213-77 and half. January class III milk was up 48 cents at 16-23.