Grain Rally Comes To A Halt

This is Matt Rice with the Market Line Report for April 12th. Grains feeling the pressure after coming off a 6 day rally, soy beans holding strong while corn and wheat hit a wall. Oliver Sloup explains more with II Trader from the floor of the CME in Chicago.

 

Sloup “Mixed sessions looking across the board, corn, soybeans, wheat all trading in their own little world today. I want to start looking at that May corn contract, that’s going to be a big one. We are seeing some profit taking today, after 6 consecutive sessions higher the longest winning streak going back to December. So, there’s no doubt you’re seeing some of those bargain buyers reduce the risk ahead of crop progress this afternoon and ahead of the WASDE report tomorrow. Those are going to be very important to keep an eye on.”

 

Chicago May Wheat ended yesterday dn 1, at 447 ¾. May corn ended the day dn 5 ½, at 357 ¼. Portland prices for soft white wheat of 10 ½ % protein for April were up 13- unch, ranging from 5-22 ¾ to 5-42. Hard Red Winter wheat with 11 ½ % protein, prices for April were dn 16 ¼, ranging from 5-20 ¾ to 5-23 ¾. DNS wheat with 14 % protein, prices for April were dn 10 ¾, ranging from 6-05 ¼ to 6-10 ¼. April Live Cattle closed the day dn 30 cents, at 133.77 ½. April Feeder cattle were dn 35 cents, at 155.15. April class III milk was up 2 cents, at 13-76.