Bullish Day for Grain and Cattle Markets
Positive day across the board in the grain and cattle markets. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.
Robinson: “Starting out this first Monday of the year — first real business day — on a bullish note. We had some cold weather here in Chicago — we were minus three in the city and minus 8 in the suburbs — that was enough to get guys talking about winter kill. There is not a whole lot of wheat grown on South Street but you could have fooled me this morning. We started getting higher around 7 a.m. really when traders started taking a look at what is going on. There is a little bit of story as well bullish coming out of South America — a little bit of dryness.”
Chicago March Wheat ended Monday up 7 and 3/4 cents at 5-89. March corn ended the day up 10 and 1/4 cents at 4-06.
Portland prices for soft white wheat of ordinary protein were mixed down a 1/4 of a cent to up 5 and 3/4 cents at mostly 6-66. White club wheat of ordinary protein prices were mixed down 2 and 1/4 to up 7 and 3/4 cents at mostly 9-34. Hard Red Winter wheat with 11.5 percent protein prices were up 7 and 3/4 cents at mostly 7-12 and 3/4. DNS wheat with 14 percent protein prices were up 10 and 1/2 cents at mostly 8-66 and 1/2.
February live cattle were up 55 cents on Monday at 166-22 and half. March Feeder cattle were up $1.92 and half at 223-37 and half. February class III milk was was down 50 cents at 14-99.