Choppy Day in the Grain Markets, Corn and Wheat Markets End Higher
Wheat and corn closed higher, as the wheat market reacted well to possible quality issues at the time of harvest due to excessive rainfall. From the floor of the CME Group Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “A lot going on in the grain markets as traders look to go into the long weekend. by shorting up positions. Corn and soybeans and wheat all trading a little bit differently which we normally don’t see. As far as the wheat goes, wheat has been the king of the market lately, catching a massive rally over the past week. We could continue to see that for another 20 or 30 cents higher. Funds had a very large net-short position and they are heading for the exit short-covering before other funds hit the door. They are trying not to be the last one out and have the door hit them on the way out.”
Chicago July Wheat ended Thursday up 9 cents at 5-22. July corn ended the day a nickel at 3-65.
Portland prices for soft white wheat of ordinary protein were steady to up 9 and 1/2 cents for August delivery of new crop ranging between 5-85 and 6-29 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 up 12 and 3/4 cents at mostly 6-47 and 3/4. DNS wheat with 14 percent protein prices were up a dime at mostly 7-76 and 1/4.
June live cattle were up $1.02 and half on Thursday at 152.37 and half. August Feeder cattle were up $1.02 and half at 217.72 and half. June class III milk was up 9 cents at 16-59.