Coronavirus Fears Send Markets Downward
Coronavirus fears hit markets hard on Monday. Every ag commodity that we track was in negative territory, especially the two we watch most closely: wheat and cattle. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Cattle collapsed. They gapped down to prices from September of 2019 just a number of months ago. Limit down. Large supplies for the short term right now, just putting some big pressure on the market. Sympathetic selling because of that coronavirus that looks like it's going global. That on-feed report just confirmed the bearish expectations that we already knew. Sometimes that definitely has some bearish pressure on the market as well.”
In closing markets:
Chicago March Wheat futures yesterday closed down $0.14 ½ to $5.36 ¼.
Kansas City Hard Red Winter Wheat down $0.16 ¼ to $4.52 ¼.
March Corn closed down $0.04 ½ to $3.72 ¼.
Portland prices for soft white wheat of ordinary protein down $0.05 - $0.07 ranging from $6.15 to $6.18.
Club Wheat of Ordinary Protein down $0.10 ranging from $6.15 to $7.93.
Dark Northern Spring wheat prices down another $0.12 ranging from $6.49 to $6.94 for 14% protein.
Live Cattle down sharply on Monday $3 in the red on the April board to $115.25. March Feeder Cattle fared even worse down $4.50 to $137.60.
Class III milk yesterday down just $0.02 to $16.62.