Tough Week for Markets
Just a negative day in the markets all the way around. It makes reporting these prices a lot less fun when the markets continue to be beat up like they have been this week.
The story doesn’t seem to have changed. Coronavirus fears have sent concerns for the global economy through most markets, agricultural markets included.
Positive indicators of light at the end of the tunnel include some Chinese businesses activities resuming. The country’s largest cattle market will re-commence business starting Monday. Ports are reportedly working through their backlogs. Travel restrictions within provinces I’m told are slowly being lifted.
But concerns of the spread to more countries have markets concerned.
In closing markets:
Chicago March Wheat futures yesterday closed down $0.11 to $5.29 ¼.
Kansas City Hard Red Winter Wheat down $0.09 to $4.43 ¼.
March Corn down $0.06 to $3.64 ½.
Portland prices unchanged for soft white wheat of ordinary protein ranging from $6.12 to $6.18.
Club Wheat also unchanged. $6.15 to $7.93.
Dark Northern Spring wheat down $0.07 ½ ranging from $6.42 ¾ to $6.87 ¾ for 14% protein.
Live Cattle down $1.87 ½ on the April board to $110.47 ½. March Feeder Cattle back down $1.50 yesterday to $132.57 ½.
Class III milk slipped yet again. Down $0.15 to $16.32.