Markets Lower on Coronavirus Fears
Markets negative overall yesterday on fears spurred by the coronavirus outbreak. Here’s Standard Grain’s Joe Vaclavik on the “Grain Markets and Other Stuff Podcast”.
Vaclavik…”Coronavirus has sent the markets sharply lower here. The stock market, the grain markets, the cattle market, energies. That's a word, coronavirus, it's a word you didn't hear you've never heard before five days ago. And here we are this week with a story that has negatively impacted the markets that affect you as a farmer. But when you get into a situation like this, it's all on the table. And that's why this is a risk-off scenario. Nobody wants to belong this stuff because there's that risk that it turns into a much, much, much bigger deal.”
Chicago March Wheat futures started the week by closing down a penny and a quarter to $5.72 ¼.
Kansas City Hard Red Winter Wheat up a half cent to $4.86 ½.
March Corn closed down $0.06 ½ to $3.80 ½.
Portland prices for soft white wheat of ordinary protein unchanged yesterday ranging from $6.20 to $6.30.
Club Wheat of Ordinary Protein also unchanged. $6.30 to $7.95.
Dark Northern Spring wheat prices down just a quarter of a cent ranging from $6.82 ¼ to $7.17 ¼ for 14% protein.
Live Cattle futures were down sharply. $2.60 off the February board to $122.25. March Feeder Cattle fared even worse down $4.50 to $135.17 ½.
Class III milk also fell yesterday down $0.67 to $17.33.