Wheat and Corn Both End Lower on Thursday
Wheat closed with modest losses and corn had slight losses on Thursday. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “It was a volatile day in the grain markets across the board — corn, soybeans and wheat all feeling a little bit of pressure. Really starting from today’s export sales report, ahead of that USDA report that came out of 11 a.m. central. That is the consensus. We have a lot of carryover crop and we are going to have an even bigger crop this next planting season going into harvest. A lot of traders are keeping a close eye on the US dollar. The US dollar up against 12-year highs and that is going to put a lot of pressure on commodities across the board.”
Chicago July Wheat ended Thursday down 6 and 1/4 cents at 5-17 and 1/2. July corn ended the day down 1 and 1/2 cents at 3-85 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to down 7 and 1/2 cents at mostly 6-40 and 3/4. White club wheat of ordinary protein prices were steady to down 7 and 1/2 cents at mostly 8-62 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 9 and 3/4 cents at mostly 6-63 and 1/2. DNS wheat with 14 percent protein prices were down 6 and 1/2 to 11 and 1/2 cents at mostly 8-57.
June live cattle were up 12 and half cents on Thursday at 151-57 and half. May Feeder cattle were up 22 cents and half at 213-70. May class III milk was up 15 cents at 15-97.