Cattle Lower Again on Food Service Decline
Wheat with a nice rebound on Wednesday but cattle, corn and milk all negative. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “The feeders were mixed because there is no confidence in any direction of the market, and I think that there's very little demand because of the food service industry shutdown. And that's really the marker that everyone's watching right now. It's weighing heavy on the futures and there's almost no end in sight. But if you watch the wholesale prices did get a little bit of a pop, and that's why we're seeing the markets move up and down. That's kind of fundamental support is giving rise to the push on the upside. But you'll see that as soon as we get any kind of a rally, the selling really starts to come in.”
Chicago May Wheat futures up $0.09 to $5.08 ¼.
Kansas City Hard Red Winter Wheat rallied $0.14 ¼ to $4.46 ½.
May Corn closed down $0.08 ½ to $3.35 ¼.
Portland prices for soft white wheat of ordinary protein unchanged at $5.80.
Club Wheat of Ordinary Protein also unchanged ranging from $5.80 to $7.55.
Dark Northern Spring wheat prices remained steady as well ranging from $6.44 ¼ to $6.79 ¼ for 14% protein.
Live Cattle futures were down $4.25 on the April board to $92.10. Feeder Cattle closed down $1.25 to $109.62 ½.
Class III milk fell $0.32 yesterday to $15.67.