Market Line Report for Monday, January 6th
The geopolitical situation had traders nervous to end the week last week. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”Investors really running to oil and gold with the threat of a possible war in the Middle East, I think has a everyone a little bit nervous. The threat of war is definitely a disruption to the markets and certainly to any kind of shipping to the middle East or to Europe or pretty much anywhere in the world. There's some real upset here on what's going to happen with the U.S. being able to move anything. I mean, that's the talk about which way we're going to go."
Chicago Wheat futures closed down $0.05 1/2 to $5.54 ½ putting that market down $0.04 1/2 on the week.
March Corn closed down $0.05 to $3.86 ½.
Kansas City Hard Red Winter Wheat futures took a tumble. Down $0.10 ¼ Friday to $4.75.
Portland prices for soft white wheat of ordinary protein were unchanged on Friday at $6.15.
Club Wheat of Ordinary Protein also unchanged ranging from $6.15 to $7.90.
Dark Northern Spring wheat prices down $0.10 ¾ ranging from $6.87 ½ to $7.07 ½ for 14% protein.
Live Cattle futures were down $1.05 to $124.72 ½ on the February board up/down/steady/mixed/unchanged about $2.20 on the week. Jan Feeder Cattle were also in negative territory down $1.30 to $143.35. That market also down $2.15 on the week.
Class III milk was down $0.13 on Friday to $16.93. That market losing $0.17 from last Monday’s open.