First Notice Day for March Futures
Trade was mixed on Tuesday following Monday’s drop with not a lot of bullish news out there. Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “First notice day for March grain futures is Friday. So if you have a basis contract versus March, and there's a lot of them out there because basis has been very good. They're going to need to be priced or rolled by the close of business Thursday at the very latest. Some of them before that. In a lot of instances we see major lows in the corn market or spike Lowe's in the corn market occur around these delivery periods. You know, you've got a whole bunch of farmers that are forced to price corn and in a lot of them will roll it too, but I think there'll be a lot priced because there is a need for cash and a lot of times you'll see spike lows around these delivery periods and this is setting up for that sort of thing. I'm not saying that that's what happens, but it's a nice setup for that scenario to play out.”
In closing markets:
Chicago March Wheat futures yesterday closed up $0.02 ½ to $5.39.
Kansas City Hard Red Winter Wheat also up $0.02 ½ to $4.55.
March Corn closed up just a quarter cent to $3.72 ½.
Mostly the same in Portland for wheat prices. soft white wheat of ordinary protein still $6.15 to $6.18.
Club Wheat of Ordinary Protein still $6.15 to $7.93.
Live Cattle futures with another tough day down. $2.30 on the April board to $112.95. March Feeder Cattle also ugly down $3.05 to $132.97 ½.
Class III milk yesterday down $0.09 to $16.53.