Corn Market Approaches $3 Level
Corn prices continue to trend lower with the mess that is energy and ethanol. The market traded within a penny of $3 per bushel. Here’s Scott Shellady.
Shellady… “That May contract, made it to $3.07, making a further assault on that $3 level as the session to open up today. We got to $3.01 Right? So we're making a move towards that, but it definitely is on its heels and you look towards that $3 level to maybe be a line in the sand where we're going to start to see some defense, and then maybe more of an assault. So you'll see some volumes pick up at that level. But that's going to be something that everybody's going to be watching those big figure changes, right? So I don't like talking numbers that way, but it's just got to give you that feeling of what's happening when we start to destroy this demand and shut down the economy. And that really is in a nutshell.”
Chicago May Wheat futures yesterday closed down $0.02 to $5.46 ½.
Kansas City Hard Red Winter Wheat up a penny and a half to $4.96 ½.
May Corn closed down a nickel to $3.09 ¼.
Portland prices for soft white wheat of ordinary protein down $0.03 ranging from $6.12 to $6.15.
Club Wheat of Ordinary Protein unchanged at $6.15 to $7.90.
Dark Northern Spring wheat prices down $0.05 ¾ ranging from $6.35 to $6.65 for 14% protein.
Live Cattle futures were down $1.02 ½ on the June board to $84.07 ½. Feeder Cattle for May down $0.52 ½ to $116.75.
Class III milk dropped another $0.52 to $10.39.