Phase One of the China Trade Deal
Today is expected to be the big day - the signing of phase one of the China trade deal. All eyes will be on those details. Scott Shellady has some sound advice for producers bullish on this trade partnership.
Shellady…”There's gonna be some excitement. There's going to be some demand -hopefully. There's going to be some volatility and that can lead to some kind of a choppy little trade here. So keep in mind that we're going to be going headline to headline, and that's something you're going to have to really hedge yourself against going forward. And hedging is the operative word here, because it's these times that you have to kind of keep your head about you and maybe step back from all of that emotion about what might the Chinese be doing and kind of maybe take a little bit of of your, your production, put it aside, start a hedge and see if you can kind of start to bank some money going into the middle of this year.”
For closing markets on Tuesday,
Chicago March Wheat futures closed up Tuesday $0.06 ¼ to $5.68 ½.
Kansas City Hard Red Winter Wheat up $0.04 ¼ to $4.97.
March Corn closed down just a half a cent to $3.89.
Portland prices for soft white wheat of ordinary protein unchanged ranging from $6.10 to $6.22.
Club Wheat of Ordinary Protein also unchanged from $6.22 to $7.87.
Dark Northern Spring wheat up ¾ of a cent ranging from $6.91 to $7.16 for 14% protein.
Live Cattle futures were up $0.30 to $126.85 on the February board. March Feeder Cattle went the other direction down $0.12 ½ to $145.72 ½.
Class III milk was down a nickel to $16.85.