Corn Market Weaker to Start the Week
Markets weaker again on Monday ahead of today’s USDA report. Virginia Mcgathey says she’ll be watching the corn numbers closely on this report.
McGathey… “Corn was a little bit easier. I think that crude hitting a new low since 2002 is really weighing heavy on those markets. I think ethanol is really pulling the corn futures a little bit lower. Experts are saying that the reduction could be up to 50%. That really brings corn prices down quite a bit from where they are now. Dare I say it: below the $3 mark. Now, the USDA report coming tomorrow, so we're going to watch that closely.”
Chicago May Wheat futures closed down a penny and a half to $5.69 ½.
Kansas City Hard Red Winter Wheat unchanged on the day at $4.86 ½.
May Corn closed down $0.04 ½ to $3.41 ¼.
Portland prices for soft white wheat of ordinary protein down a few ranging from $6.05 to $6.10.
Club Wheat of Ordinary Protein also a touch weaker. $6.10 to $7.80.
Dark Northern Spring wheat down $0.02 ¼ from $6.69 ¾ to $7.04 ¾ for 14% protein.
Rolling to the June futures on the Live Cattle fu tures. That market down $0.35 to $89.07 ½. Feeder Cattle down $0.02 ½ on the May futures to $120.90.
Class III milk yesterday down $0.46 on the April board to $14.86.