Grains Softer to Start the Week
Grains struggles from last week appear to be continuing into this week. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”Wheat also fell. That correction is pretty much in full swing right now. The objective really is the $5.30 number. It's very possible we can actually even go through that. The markets are looking now to the WASDE report that's coming up, but based on what we see not much really is expected. That may firm up, later on down the road. Still, the traders are kind of cautious about the volatility in the market and we expect wild swings to be happening and we'll see that right now as the market has started to come down on the wheat, it's building a little bit of momentum. But certainly not as much heat is on the wheat as much as it is on the corn and the soybeans. Yet all three exchanges in Kansas city and Minneapolis are all a little bit lower today as well.”
Chicago March Wheat futures yesterday closed up a penny and a half to $5.55 ½.
Kansas City Hard Red Winter Wheat up a penny and a quarter to $4.66 ½.
March Corn closed down $0.02 ½ to $3.78 ½.
Portland prices for soft white wheat of ordinary protein up yesterday $0.05 ranging from $6.25 to $6.30.
Club Wheat of Ordinary Protein steady ranging from $6.25 to $8.05.
Dark Northern Spring wheat prices down three quarters of a cent ranging from $6.68 to $7.03 for 14% protein.
Live Cattle futures were up $1.05 on the April board to $120.72 ½. March Feeder Cattle up as well $0.57 ½ to $136.65.
Class III milk yesterday down $0.22 to $16.92.