March WASDE Report Mostly Neutral
Markets firmer on Tuesday after Monday’s drop. From the floor of the CME in Chicago, here is Scott Shellady.
Shellady… “Today was the USDA report day and with the USDA report we usually get something to talk about. And we did. It wasn't earth shattering, but it would say this: that we increased, basically for soybeans, slight negative, increased worldwide supplies. And then lastly, we know that the managed money or those funds are short, at least a hundred thousand contracts. That's why I think you've seen this contract trade as strong as it has as of late because of the funds being short and we've been able to shake off this negative news, and that's been something that's going to kind of be more and more important as we get into the season here is how these contracts and products react to some of that fundamental stuff.”
In closing markets:
Chicago May Wheat futures closed up $0.03 ½ to $5.22 ¼.
Kansas City Hard Red Winter Wheat also up $0.03 ½ to $4.44 ½.
May Corn closed up $0.04 ½ to $3.77 ½.
Portland prices unchanged.
Soft white wheat of ordinary protein still at $6.00 and club wheat of ordinary protein $6.00 to $7.75.
Dark Northern Spring wheat prices were down a couple ranging from $6.53 ¾ to $6.88 ¾ for 14% protein.
Live Cattle swung back after Mondays losses to close up $2.60 to $105.45. Feeder Cattle up sharply as well, up $2.40 to $127.95.
Class III milk yesterday up just $0.04 to $15.85.