Market Line Report for Thursday, January 9th
Markets continue to be mixed ahead of the signing of the phase one trade deal and the coming USDA report. From the floor of the CME in Chicago, here is Virginia McGathey.
McGathey…”The global demand issues are definitely inevitable coming out of the Middle East, but the a WASDE report that's going to be coming in on Friday could help a lot and I think that that's maybe what's happening with the wheat slide. We're hoping that maybe they would be better information, but the expectation is it's going to tell us that we've got a lot of wheat on the side that hasn't been moving along, and I think that that's why the slide is starting to happen.”
For markets on Wednesday:
Chicago March Wheat futures up $0.02 ½ to $5.52 ½.
Kansas City Hard Red Winter Wheat up $0.05 to $4.80.
March Corn closed down a quarter of a cent to $3.84 ¼.
Portland prices for soft white wheat of ordinary protein up a few cents. Bids now range from $6.10 to $6.15.
Club Wheat of Ordinary Protein also up a nickel or so. That market bid $6.15 to $7.87.
Dark Northern Spring wheat up a penny ranging from $6.82 ¾ to $7.07 ¾ for 14% protein.
Live Cattle futures were down $0.17 ½ to $126.35 on the February board. Feeders up $1.40 to $146.52 ½ for March.
February Class III milk was down $0.10 at $17.09.