Weaker Dollar Boosts Commodity Markets
Lower dollar boosts commodity markets on Thursday especially in the live and feeder cattle contracts. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “A lot of green across the board after export sales, but that wasn’t the only catalyst boosting the grains today. We had the weaker dollar helping out the commodities from gold to oil and the grains were part of that. Thank God a lot of hedgers and a lot of producers happy about that. That weaker dollar came from a missed new housing number. We missed 11 and 1/2 percent month-over-month that is about a 6 and 1/2 percent miss from what analysts were projecting.”
|Chicago July Wheat ended Thursday up 2 and 1/4 cents at 5-01 and 1/4. July corn ended the day down 2 and 3/4 cents at 3-76 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to down 7 and 1/2 cents at mostly 6-13 and 1/4. White club wheat of ordinary protein prices were steady to down 7 and 1/2 cents at mostly 7-83 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 4 and 1/2 to 5 and 1/2 cents at mostly 6-21 and 1/2. DNS wheat with 14 percent protein prices were mixed down 18 and 1/2 to up 1 and 1/2 cents at mostly 7-80 and 1/4.
June live cattle were up $3 even on Thursday at 149.02 and half. May Feeder cattle were limit up $4.50 at 211.25. May class III milk was up 27 cents at 16-71.