Wheat and Milk Markets Firmer
Wheat and milk off to a positive start for the week. Soybeans still sputtering. From the floor of the CME in Chicago, here’s Scott Shellady.
Shellady…”When we were buying these beans 30 or 40 cents higher, what was going to have to happen with this phase one deal or the world for that matter to see these beans really take off? And it just didn't follow through. All the longs that are late to that party are weak longs because they don't have the staying power. And in doing so, they cannibalize themselves on the way out. They can't take the pain, so they have to capitulate and sell, and on slow days that you get these exaggerated moves and that's exactly what's happened. Although the headlines have been supportive, the trade hasn't been trading that way because we just don't have the strong longs in there. Things are going to get a little bit dicey here. Is it going to be a headline that saves you or you're going to have to get that risk down on paper? Something you're going to have to ask yourselves.”
Chicago March Wheat futures started the short week by closing up $0.11 to $5.81 ½.
Kansas City Hard Red Winter Wheat up $0.05 ½ to $5.00.
March Corn closed down $0.01 ½ to $3.87 ½.
Soybeans down sharply, $0.13 ½, to $9.16.
Portland prices for soft white wheat of ordinary protein steady to a bit firmer on Tuesday. Bids range from $6.20 to $6.30.
About the same for Club Wheat of Ordinary Protein which is bid $6.30 to $7.95.
Dark Northern Spring wheat up $0.02 1/4 yesterday to $6.97 ¼ to $7.32 ¼ for 14% protein.
Live Cattle futures were up $0.02 ½ to $126.37 ½ on the February board. March Feeder Cattle were down $0.32 ½ to $144.67 ½.
Class III milk was up $0.11 at $17.54.