Dollar Rallies and Grains Down Across the Board
The dollar rallied strong on Tuesday, which brought the grain markets down across the board. From the floor of the CME Group Chris Robinson shares his observations of Tuesday’s markets.
Robinson: “Disappointing day if you are a bull. After making one month highs yesterday in wheat, we had about a 27 cent sell off today. Went down and challenged the $5 level in July Chicago wheat. No follow through after making one-month highs. We had strength in the U.S. dollar that put a little pressure on the commodities. With wheat, we will see how we trade the rest of the week.”
Chicago July Wheat ended Tuesday down 11 and 1/2 cents at 5-10 and 1/4. July corn ended the day down 6 cents at 3-62.
Portland prices for soft white wheat of ordinary protein were steady to down 10 and 3/4 cents for August delivery of new crop ranging between 5-85 and 6-18 and 1/2. White Club wheat of ordinary protein had no nearby price comparisons. May delivery of Hard Red Winter wheat with 11.5 percent protein prices were down 15 to 20 cents at mostly 6-33. DNS wheat with 14 percent protein prices were down 10 and 1/4 cents at mostly 7-52 and 1/4.
June live cattle were up 40 cents on Tuesday at 151.97 and half. August Feeder cattle were up 42 and half cents at 217.15. June class III milk was down 14 cents at 16-51.