Grains Start Week Strong on Exports & Short Covering
McGathey… “The China deal says that the number is going to be $40 billion a year. That means upward of 40% of what we had from our best year, which was in 2012 which was $25 billion. These numbers are really big. It's a lot to fulfill on the promise side, so there's a little bit of nervousness, although that does not stopping the market from rallying right now.”
Chicago March Wheat futures started the week by closing up $0.17 1/4 to $5.49 1/2.
Kansas City Hard Red Winter wheat also up $0.19 ¼ to $4.62.
Portland prices for soft white wheat of ordinary protein ended the day yesterday steady to up a few with bids ranging from $5.90 to $6.00.
Dark Northern Spring wheat prices for Dec were up $0.11 ¼ ranging from $6.67 to $7.12 for 14% protein.
Club Wheat of Ordinary Protein for Dec at yesterday’s close ranged from $6.00 to $6.40 which puts them at unchanged to up $0.03.
Livestock markets not having near the fun that the grain markets did on Monday.
Live Cattle futures were down $0.30 to $127.25 on the February board. Jan Feeder Cattle were down #$0.42 1/2 to $145.25.
December class III milk was down $0.68 at $17.35.