Cattle Down Limit
Another brutal day in markets both inside and outside of agriculture on Thursday. From the floor of the CME, here’s Scott Shellady.
Shellady… “I've mentioned before all day today that the dollar has gotten stronger overnight. Again, making our exports, or at least our products that we sell abroad, not as competitive. That's not a good thing, is it? So that's another thing that's going to really hurt. And then lastly, look. When you've got a wash out, like we've got on wall street of 9% on the stock market, as we go to tape here. That's definitely not normal and that's definitely not settling down. So we're going to have to see this through, at least for another month or two. And who knows if it ends before then or not, but it doesn't matter what we throw at this problem fiscally. Money is not going to solve the virus. The virus has got to solve the virus.”
Chicago May Wheat futures yesterday closed down $0.07 ¼ to $505 ½.
Kansas City Hard Red Winter Wheat down $0.02 ½ $4.32 ½.
May Corn closed down $0.08 ½ to $3.65 ½.
Portland prices for soft white wheat of ordinary protein fell hard yesterday down $0.15 to $5.85.
Club Wheat of Ordinary Protein also down $0.15 ranging from $5.85 to $7.60.
Dark Northern Spring wheat prices down another $0.03 ranging from $6.44 to $6.79 for 14% protein.
Live Cattle futures fell $3 on the April board to $100.07 ½. Feeder Cattle down limit as well. $4.50 taken off of that market to put the April futures at $119.02 ½.
In better news, class III milk was up yesterday $.07 to $15.90.