Second Day of Higher Wheat Prices
Thursday was the last market day of this week and ended higher for wheat and corn and beans ended lower. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday's markets.
Sloup: "Today is the last day of trade until Monday open. It has been a wild week to say the least with the USDA report on Tuesday. Grains have been very, very choppy — specifically the wheat market. Wheat trading in about a 40 cent range throughout the week. We gave up a lot of ground after that report since then we've rallied about 40 cents. The old saying, 'Prices is what you pay and value is what you get.' A lot of traders saw that opportunity after the report to buy value and since then we've seen nothing but up."
Chicago July Wheat ended Thursday up 6 and 1/4 cents at 5-35 and 3/4. July corn ended the day up 4 and 1/2 cents at 3-94 and 1/2.
Portland prices for soft white wheat of ordinary protein were mixed down 5 and 3/4 to up 7 and 3/4 cents at mostly 6-76 and 1/4. White club wheat of ordinary protein prices were mixed down 5 and 3/4 to up 7 and 3/4 cents at mostly 8-96 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 10 and 3/4 cents at mostly 6-96 and 3/4. DNS wheat with 14 percent protein prices were up a nickel at mostly 9-05 and 1/2.
June live cattle were up $1.15 on Thursday at 153-37 and half. May Feeder cattle were up 80 cents at 217-45. May class III milk was down a nickel at 15-57.