Grain Markets On Hold for Feds
I'm Susan Allen and this is Thursday's Market Line Report. The grain market appears to be waiting on Janet Yellen and the Federal Reserve. Todd Horwitz, BubbaTrading.com shares some insights yesterday afternoon from the floor of the CME.Horwitz "We see wheat a little higher today. We are at these levels where I see $3.70 for corn, somewhere in the $8.60, $8.70 in soy beans is a good level and of course the $4.60- $4.75 level in wheat, those remain good levels again I don't expect anything major to come out until we get good direction where the dollar does."
Chicago December Wheat ended Monday up 7 ¼ at 476. December Corn ended the day up 1 ¾ at 372 ¼. Portland delivery of Soft White Wheat with Ordinary Protein for January were 4.89 ¾ - 5-34 up 8.25- unch. Soft White Wheat of 10.5 % Protein for Dec. was 6-69 ¾ to 6-80 up 8 ¼. Bids for 11.5 % Protein Hard Red Winter Wheat for Dec. delivery Dec 5-60 to 5-75 ¼, up 8. DNS Wheat with 14 % Protein for Dec. ranged from 6-34 ¾ to 6-54 ¾. Dec. Live Cattle were down $4 at 119.25. Jan Feeder Cattle were down $4.50 at 149.35. Dec. Class III Milk was up 2 cents at 14-63.