Wheat Markets End Thursday on Either Side of Unchanged
Thursday’s wheat markets ended either side of unchanged. From the floor of the CME Group Oliver Sloup shares his observation of Thursday’s markets.
Sloup: “Wheat market relatively light but lets start looking at the corn — corn this morning we tested the October first low of $3.64 and 1/4 — that’s the December contract held that by a penny —- $3.65 and 1/4 gotta a bounce. So I think we are going to see some short-covering - that is what we saw today. As far as wheat goes, wheat really all over the board. If you aren’t in this market right now there is no reason to step in now. We’re in a 70 cents range and we are smack dab in the middle of that. So you are either going to want to sell higher or buy lower. Right now in the middle of the risk range — so I’d say stay on the side lines. That is your best bet.”
Chicago July Wheat ended Thursday up a penny at 4-88 and 3/4. July corn ended the day up 4 cents at 3-53 and 1/2.
Portland prices for soft white wheat of ordinary protein were steady to up 1 and 3/4 cents for August delivery of new crop ranging between 5-85 and 6-04 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 1 and 3/4 cents at mostly 6-08 and 1/4. June delivery of DNS wheat with 14 percent protein prices were up 1 and 1/4 cents ranging between 7-22 and 7-67.
June live cattle were up $1.02 and half on Thursday at 153.50. August Feeder cattle were up $3.52 and half at 224.95. June class III milk was up 22 cents at 16-75.