Market Line Report for Wednesday, January 8th
Markets seem to be in a bit of a holding pattern ahead of the much anticipated USDA Report on Friday. From the floor of the CME in Chicago, here’s Scott Shellady.
Shellady…”The nervousness is, is, remember all last year in 2019 we had the USDA wrong-footing us all the time, right? We were always kind of wrong-footed on each one of these big reports because we were feeling like things were going to be going one way, and the USDA told us that 'no that was a head-fake' and everything's gone the other. So, the tension is palpable and we've seen the funds get out. They were the ones that were short and kind of drove the market or cannibalize themselves on the way out as they drove that market higher with their buying to cover their shorts. So where's the new long gonna come from? I think that's what the trade is thinking about.”
Here’s your closing prices from yesterday’s trading:
Chicago March Wheat futures up just a quarter of a cent to $5.50 ¼.
Kansas City Hard Red Winter Wheat down $0.02 ¼ to $4.75.
March Corn closed down a quarter of a cent to $3.84 ½.
Portland prices for soft white wheat of ordinary protein a touch weaker yesterday. Bids range from $6.10 to $6.12.
Club Wheat of Ordinary Protein also down slightly. Bids from $6.10 to $7.87.
Dark Northern Spring wheat prices down as much as $0.06 ¼ now bid $6.81 ¾ to $7.06 ¾ for 14% protein.
Live Cattle futures recalibrated after yesterday’s rally. That market down $0.75 to $126.52 ½ on the February board. Jan
Feeder Cattle went the same direction, down $1.52 ½ to $145.90.
Class III milk with a positive day up $0.13 to $17.10.