Heavy Wheat Futures Selling Following Bearish Export Report
Wheat posted the most losses in reaction to the bearish export sales. Corn saw spillover pressure from wheat and a higher U.S. dollar. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “Grain markets feeling the heat today. Had export sales mixed across the board — soybeans, corn and wheat — all with misses and beats of expectations. Wheat really taking the brunt of things trading as low as $5.02. That is a big physiological and technical line of support. $5 handle bulls need to defend that. Break below that and we may see a test of recent lows and test down to as low as $4.75 in the near future.”
Chicago May Wheat ended Thursday down 19 and 3/4 cents at 4-99 and 1/4. May corn ended the day down 3 and 3/4 cents at 3-91 and 1/4.
Portland prices for soft white wheat of ordinary protein were down 10 to 19 and 3/4 cents at mostly 6-27 and 1/4. White club wheat of ordinary protein prices were down 10 to 19 and 3/4 cents at mostly 8-67 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 20 cents at mostly 6-53. DNS wheat with 14 percent protein prices were down 17 and 1/2 cents at mostly 8-73 and 1/4.
June live cattle were down 37 and half cents on Thursday at 152-even. May Feeder cattle were down 20 cents at 215-77 and half. May class III milk was down 21 cents at 15-30.