Most Markets Negative after Volatile Week
Volatile day on Friday to end a volatile week in the markets. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”Cattle recovered somewhat, I think some of the month end short covering really helped the market and supported a little bit. I think that the downturn was oversold and a bearish tone was a little bit exhausted, but emotions are definitely ruling this market right now and kind of overtaking some of the fundamentals. Feeder cattle was a little bit higher as well. Those tight supplies did underpin the market support, so it was helping a lot. With China coming to a halt and the cattle inventory report coming out, I think that there is some longterm support down the road and the market can really start to come back.”
Chicago March Wheat futures closed down $0.06 ½ on Friday to $5.53 ½.
Kansas City Hard Red Winter Wheat down $0.05 ½ to $4.65 ½.
March Corn back up a penny and a half to $3.81 ¼.
Portland prices for soft white wheat of ordinary protein unchanged to end the week. $6.20 to $6.30.
Club Wheat of Ordinary Protein also unchanged. $6.20 to $8.05.
Dark Northern Spring wheat prices down $0.02 ¾ ranging from $6.68 ¾ to $7.03 ¾ for 14% protein.
Live Cattle futures were down. $0.52 ½ on the April board to $119.67 ½. March Feeder Cattle were up $0.42 ½ to $136.07 ½.
Class III milk was down $0.20 on Friday to $17.14.