Wheat Market Softer on Thin Trading Volume
Wheat market a bit weaker after the big rally on Tuesday. From the floor of the CME in Chicago, here’s Virgina McGathey.
McGathey… “If you look at it since mid November, we had a low of $5. Then we got up to a high of $5.90, the halfway back mark was about $5.45 this is now in the March contract. Of course, it did get down there and in one fell swoop we get right back up through the $5.65 1/2 number to $5.70. A lot of participants on the sideline. And as the market starts to settle down, we expect that the fundamentals will really start to take hold. And that increase in the participation should steady the trade somewhat. And as other things start to come into the market, we'll get, it'll give us a little bit better of an idea. But until then, the market still remains somewhat vulnerable. I expect that there is still going to be a lot more volatility ahead.”
In closing market yesterday:
Chicago March Wheat futures closed down a penny and a half to $5.65 ¼.
Kansas City Hard Red Winter Wheat down $0.06 to $4.79 ½.
March Corn closed down $0.02 ½ to $3.80 ½.
Live Cattle futures were up $0.20 on the April board to $120.80. March Feeder Cattle up $1.47 ½ to $140.77 ½.
Class III milk yesterday down $0.24 to $16.77.