Grains Consolidate, Cattle Stabilize
Markets mixed on Thursday. Grains a touch weaker, while the cattle markets ended in positive territory. Here’s Standard Grain’s Joe Vaclavik:
Vaclavik… “The wheat market has consolidated in recent sessions. USDA did increase its projection for U S wheat exports earlier this week amid a strong sales pace. We still got another month at least until we start talking about U S winter wheat crop potential and conditions and that sort of thing. So we're kind of left waiting. Cattle market opened lower, finished higher yesterday. So was that it for the big sell off in cattle? I'm not quite sure. Cash cattle traded $119 in Texas and Kansas yesterday, I believe. So that's pretty much on par with where the Feb board finished yesterday. $118.95 was the settlement in the February future's yesterday.”
Chicago March Wheat futures yesterday closed down $0.03 ¼ to $5.44 ¼.
Kansas City Hard Red Winter Wheat down $0.05 to $4.66.
March Corn closed down $0.03 ½ to $3.79 ½.
Portland prices for soft white wheat of ordinary protein down slightly ranging from $6.20 to $6.22.
Club Wheat of Ordinary Protein also a bit weaker ranging from $6.22 to $7.95.
Dark Northern Spring wheat down $0.04 ½ ranging from $6.61 ¾ to $6.96 ¾ for 14% protein.
Live Cattle futures were up $0.67 ½ oN the April board to $118.52 ½. March Feeder Cattle had a strong day up $1.27 ½ to $136.32 ½.
Class III milk yesterday down $0.17 to $17.12.