Futures Slip Further to Start the Week
Another brutal day in markets on Monday to begin the week. Cattle had an especially wild ride, up earlier in the trading day but closing down hard. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Wheat was also down. It was below that $5 benchmark support and managed funds still remain short of all the grains actually, and there's like no reason really to cover it right now. But there is some positive things about wheat that might be helping it a little bit. At some point the low oil prices as well as the lower global supplies really should pick these markets up. And I think that that's why we saw a little bit of a bounce and the market was only down about a nickel. So we're kind of teetering around that $5 market. If it starts to slip below, we know that the $5 is going to be kind of resistance as opposed to a support number, but wild swings are definitely in our future.”
Chicago May Wheat futures yesterday closed down $0.08 to $4.98.
Kansas City Hard Red Winter Wheat down $0.07 ½ to $4.23 ½.
May Corn closed down $0.11 to $3.54 ½.
Portland prices for soft white wheat of ordinary protein down yesterday as much as $0.15. Now ranging from $5.70 to $5.85.
Club Wheat of Ordinary Protein unchanged, still $5.85 to $7.60.
Dark Northern Spring wheat up a hair ranging from $6.44 ¾
to $6.79 ¾ for 14% protein.
Live Cattle had a wild day with a bad ending, closing down $3.72 ½ on the April board to $91.85. Same story for the feeder Cattle which closed the day down limit to $108.10.
Class III milk with some slightly better news up $0.10 to $16.00.