Monday Brings Quiet Day in Grains Up Day for Cattle
Monday was a relatively quiet day in the grain markets and an up day for cattle. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.
Robinson: “The biggest thing the traders are looking at are the funds as opposed to the weather or any fundamental issue. The funds have cut their positions — you’ve heard me talk a couple of weeks ago they were long about 240,000 contracts then they cut it to about 200,000 — last week during the rally they cut that position about 50,000 contracts. So they only have 120,000 contracts on their long position. In corn they cut their positions across the board their positions — they are still long corn, they are short wheat and short beans but they have cut those positions quite a bit.”
Chicago May Wheat ended Monday up 1 and 1/4 cents at 5-30 and 1/4. May corn ended the day up 5 and 1/2 cents at 3-99 and 1/2.
Portland March prices for soft white wheat of ordinary protein were up 1 and 3/4 to 5 cents ranging between 6-45 and 6-70 and 3/4. White club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up 1 and 3/4 cents at mostly 6-70 and 1/2. DNS wheat with 14 percent protein prices were mixed down a penny to up 4 cents at mostly 8-69.
April live cattle were up $2.62 and half on Monday at 153-65. April Feeder cattle were up $4.12 and half at 203-27 and half. April class III milk was down 45 cents at 15-46.