Wheat Ends Day Lower
After big export sales cancellations, wheat ended the day in the red on Thursday. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “We came into the morning relatively quiet overnight trade - not a lot going on in the market. Then all of a sudden we saw a flush out across the board — soybeans, wheat and corn all taking a hit. Looking at corn $3.63 is going to be a massive level going forward. If you draws a line back from August to December to now this has been a key support and resistance level for the past several months and that is going to continue. Also a lot of traders watching the U.S. dollar very volatile currencies across the board.”
Chicago July Wheat ended Thursday down 9 and 1/2 cents at 4-74. July corn ended the day down 1 and 1/2 cents at 3-66 and 1/4.
Portland prices for soft white wheat and white club wheat of ordinary protein were steady to down 9 and 1/2 cents at mostly 5-91. Hard Red Winter wheat with 11.5 percent protein prices were down 10 and 1/2 cents at mostly 5-92 and 1/4. DNS wheat with 14 percent protein prices were down 12 cents at mostly 7-38 and 1/4.
June live cattle were down $1.20 on Thursday at 149.70. August Feeder cattle were steady at 214.70. June class III milk was steady at 16-34.