Volatile Day in the Grains Wheat Ends Lower
It was a volatile day in the grain markets on Wednesday. From the floor of the CME Group, Chris Robinson shares
Robinson: “Markets getting ready for next Tuesday’s USDA reports and also July option expiration Friday so some good volatile two sided trade today. Wheat holding in there. We’ve had a good pull up here on concerns of Hard Red Wheat we might have some condition problems. You have seen the funds — the funds have cut their short funds quite a bit. They are only short 30,000 contracts of wheat and about 100,000 contracts of corn. They had had more substantial positions they had been short about 130,000 contracts of corn and they had been short about 100,000 contracts of wheat.”
Chicago September Wheat ended Wednesday down 3 and 3/4 cents at 5-23 and 1/4. September corn ended the day down a 1/2 of a cent at 3-71 and 1/2.
Portland prices for soft white wheat of ordinary protein were steady to down 3 and 3/4 cents for August delivery of new crop ranging between 5-85 and 6-28 and 1/4. White Club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 3/4 cents at mostly 6-01 and 1/2. DNS wheat with 14 percent protein prices were down 6 cents at mostly 7-51 and 3/4.
August live cattle were down $1.50 on Wednesday at 150.32 and half. August Feeder cattle were down $1.77 and half at 221.77 and half. August class III milk was up 15 cents at 16-85.