Wheat Market Stabilizes
Wheat in positive territory yesterday, but the cattle struggled. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”Now, today wheat did stabilize. There's weaker supplies that gave the market a little bit of support. The Kansas City wheat is improving as well, and the idea that China will finally start acting on that phase one deal is really promising, and I think that's keeping the market from continuing a little bit lower. But specifically corn should be helped. Perhaps we can start to look then at fundamentals and some things happening in the global market. Certainly the stock market being up few hundred points today definitely kind of lifted the spirits of a lot of the traders, so we had a little bit of a reprieve today."
Chicago March Wheat futures yesterday closed up $0.04 ½ to $5.62.
Kansas City Hard Red Winter Wheat up $0.06 ½ to $4.73 ½.
March Corn closed down a penny and a half to $3.80 ½.
Portland prices for soft white wheat of ordinary protein unchanged ranging from $6.20 to $6.35.
Club Wheat of Ordinary Protein also unchanged ranging from $6.35 to $7.95.
Dark Northern Spring wheat prices up $0.03 ½ ranging from $6.70 ¼ to $7.05 ½ for 14% protein.
Live Cattle futures were down. $1.47 ½ on the April board to $119.17 ½. March Feeder Cattle fared even worse down $1.82 ½ to $135.67 ½.
Class III milk yesterday down $0.24 to $17.06.