Corn Struggles

This is Matt Rice with the Market Line Report for Dec. 22nd. Corn below the 200 day moving average, finishing lower on the day once again. Let's check in with Scott Shellady from the floor of the CME in Chicago, as he explains why the corn market is struggling.

Shellady "Corn was lower today, there are some headwinds out there that are kind of forcing it that way but technically speaking, we're below 20, 50, & 200 day moving average. So we're kind of sinking that way a little bit, the dollar has gotten a little bit stronger as well, so those types of things haven't helped. Again, also Argentina, which begins harvesting corn by the way in January. They're still stories, doing the rounds about precipitation and how much they're getting and it's better than expect, so that's also kind of weighing in on things."

As we take a look at those Chicago markets, July wheat prices closed the day dn 4, at 426. Chicago July Corn prices were dn 3, to close the day at 362. Prices in Portland for Soft White Winter Wheat of ordinary protein for April were dn 3 ¾, ranging from 4-40 ¼ to 4-52 ¼. Hard Red Winter Wheat with 11.5 % protein, future prices for April were dn 3 ¾, at mostly 5-05 ¾. DNS Wheat with 14 % protein, prices for March were dn 1 ½, ranging from

6-46 ¼ to 6-61 ¼. April Live Cattle closed the day up 62 ½ cents, at 114.50. April Feeder cattle were up 62 ½ cents, at 125.92 ½. Feb. class III milk was dn 21 cents at 16-99.