Wheat Rallies on Wednesday and Corn Meanders Higher

Wheat Rallies on Wednesday and Corn Meanders Higher

Results from Kansas Wheat Tour which shows not so good wheat conditions helped to rally the wheat markets on Wednesday. From the floor of the CME Group, Todd Horwitz shares
Horwitz: “Wednesday’s grain trade pretty much mixed. We saw interesting action in soybeans which opened very strong, rallied this morning and then broke late in the day. Wheat very volatile - extremely wild. Yesterday down double digits, today up double digits. We are seeing a lot of action in the wheat — you can hear all the excuses you want — but really it looks like wheat is trying to find a bottom in which it is going to rally off of. Corn is kind of just meanders and has worked its way back in to that $3.80 to $3.85 basis December. Again I’m still a buyer — I haven’t changed my mind.”
Chicago July Wheat ended Wednesday up 12 and 3/4 cents at 4-79 and 1/4. July corn ended the day up 4 cents at 3-66 and 3/4.
Portland prices for soft white wheat and white club wheat of ordinary protein were up 2 to 12 and 3/4 cents at mostly 5-97 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 15 cents at mostly 6-01 and 1/4. DNS wheat with 14 percent protein prices were up 13 and 3/4 cents at mostly 7-39.
June live cattle were down $1.22 and half on Wednesday at 150.22 and half. August Feeder cattle were down $1.37 and half at 216.87 and half. June class III milk was up 23 cents at 16-90.

 

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