Mixed Wheat Markets on Thursday
Wheat contracts end Thursday mixed due to continued weather pressure. From the floor of the CME Group, Oliver Sloup shares his observation of Thursday’s markets.
Sloup: “It’s been really choppy across the board for corn, soybeans and wheat all trading both sides — lower then higher then flat on the day. Wheat really taking it on the chin ever since not being able to break above the double top in the 100-day moving average at $5.45. We’ve come 55 cents off that level which means we are over sold here and if you want to be on the long side this is going to be a start of a good level going forward — from here all the way down to $4.75.”
Chicago July Wheat ended Thursday up 1 and 3/4 cents at 4-90 and 3/4. July corn ended the day up a 1/4 of a cent at 3-83 and 1/4.
Portland prices for soft white wheat of ordinary protein were mixed down a dime to up 3 and 3/4 cents at mostly 6-16 and 1/2. White club wheat of ordinary protein prices were mixed down 80 cents to up 3 and 3/4 cents at mostly 7-86 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/4 cents at mostly 6-18 and 1/4. DNS wheat with 14 percent protein prices were down 8 and 1/4 cents at mostly 8-15.
June live cattle were up 32 and half cents on Thursday at 152 even. May Feeder cattle were up 57 and half cents at 213 even. May class III milk was up 27 cents at 15-89.