Lower Day for Corn and Wheat
Both wheat and corn ended the day lower. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.
Shover: “Tuesday’s grain trade here at the CME Group in Chicago, pretty slow day but mostly a day in the red. Wheat spent the morning down 3 to 6 cents. Sales came out pretty flat at 328,600 metric tons it just goes to show once again that we are not competitive with the Mediterranean nor the Middle East. Exports down now about 25 percent from consensus and from last year. So that combined with weather has wheat just in a quandary.”
Chicago March Wheat ended Tuesday down 13 and 1/2 cents at 6-02. March corn ended the day down 6 and 1/4 cents at 4-06 and 1/2.
Portland prices for soft white wheat of ordinary protein were down a dime to 13 and 1/2 cents at mostly 6-77 and 1/2. White club wheat had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 11 and 1/2 cents at mostly 7-26. DNS wheat with 14 percent protein prices were down a dime at mostly 8-87 and 1/4.
February live cattle were down 30 cents on Tuesday at 164-70. March Feeder cattle were up 57 and half cents at 214-25. January class III milk was up 20 cents at at 15-95.