'Buckle Up' for Market Volatility
Volatility continues in commodity markets. Cattle in positive territory but the wheat markets trended lower. “Buckle up” says Scott Shellady on the floor of the CME in Chicago.
Shellady… “But anything that's got anything to do with this China and what might be happening or not happening with the Coronavirus, the two words for the year are going to be buckle up. So it's going to be volatile, number one. Number two. Next week we've got our crop report and the government's decided to really not put in a lot of the phase one stuff, right? So the supply and demand numbers that are going to kind of leave phase one, which really doesn't kick off until February 15th so I suppose that's fair. But they're going to leave that phase one out of the this report and then they'll take into consideration going forward. So that's something else we have to keep an eye on. “
For your closing markets:
Chicago March Wheat futures yesterday closed down $0.05 ½ to $5.56 ¼.
Kansas City Hard Red Winter Wheat down $0.06 to $4.67 ½.
March Corn closed down a penny and a half to $3.79 ¼.
Portland prices for soft white wheat of ordinary protein still 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 down $0.02 ¾ ranging from $6.67 ½ to $7.02 ½ for 14% protein.
Live Cattle futures were up $0.57 ½ on the April board to $119.75. March Feeder Cattle up $0.22 ½ to $135.90.
Class III milk yesterday up $0.17 to $17.23.