Outside Markets Pull Ag Commodities Downward
Ag markets were not immune in a day that marked the biggest stock market drop since 2008, and crude oil dropping more than 25%. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Even though, it seems like there's a little bit of panic going on. The markets are steady. There's a reason why the the circuit breakers do exist, and that's to steady the market and keep it a little more stable on its way down. Everyone is very worried right now for so many different reasons, but I can assure you that the mechanisms that we have in there are in place to just stop it from all out, wash out. I know it's really . Difficult to take right now, but there will be recovery in our future.”
In closing markets:
Chicago May Wheat futures yesterday rallied back to close up $0.03 to $5.18 ½.
Kansas City Hard Red Winter Wheat down $0.05 ¼ to $4.41.
May Corn closed down $0.03 ¼ to $3.72 ½.
Portland prices for soft white wheat of ordinary protein unchanged ranging at $6.00.
Club Wheat of Ordinary Protein also unchanged at $6.00 to $7.75.
Dark Northern Spring wheat prices down $0.04 ½ ranging from $6.55 ¾ to $6.90 ¾ for 14% protein.
Live Cattle futures were down $2.90 on the April board to $102.85. Feeder Cattle closed locked limit down to $125.55.
Class III milk for April down $ 0.22 to $15.81.