Rally In Grains
On Thursday the U.S. dollar was down again and the commodity markets rallied. From the floor of the CME Group Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “A lot of green across the board — soybeans, corn and wheat all trading relatively higher. The wheat market continues to trade at about a 70 cents range. We are right smack dab in the middle of that. We need to get above $5.31 to get another leg higher doing forward. There has been a lot of concerns about Australian weather and El Nino. So that is something definitely to keep an eye on. We did hear rumors of El Ninos in 2014 but nothing ever cam about — but this could be a different story if it substantializes.”
Chicago July Wheat ended Thursday up 13 cents at 5-23 and 3/4. July corn ended the day up 4 and 1/2 cents at 3-63 and 1/2.
Portland prices for soft white wheat of ordinary protein were steady to up 14 and 1/4 cents for August delivery of new crop ranging between 5-85 and 6-39 and 1/4. White Club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up 12 cents at mostly 6-39 and 1/4. DNS wheat with 14 percent protein prices were up 12 and 3/4 cents at mostly 7-73 and 3/4.
August live cattle were up 82 and a half cents on Thursday at 151.45. August Feeder cattle were up 67 and half cents at 222.57 and half. July class III milk was up 4 cents at 16-98.