Corn Market Stabilizes
Things are looking up for the corn market. Energy markets seem to be stabilizing and corn prices up $0.18 from the lows hit earlier this week. Here’s Scott Shellady with more.
Shellady… “Let's just talk about corn for a second. I mean, we've got overnight rumors that China is going to be a buyer of 20 million metric tons. That's the first kind of decent news I guess we could say that we've had in the core market. I mean, maybe are we setting a low here? You take a look at those charts. I mean, gosh, it's not been a fun ride. And again, I've talked to a lot of farmers out there, both soybean producers and corn producers, and it is just penciling out to be a tough year. So to see things kind of get a little bit of a bump here has been nice. So we had them on a $0.92 1/2 sell off in July (futures) . $4.04 1/2 all the way down to say $3.09. Is this going to be where we start to turn the corner?”
Chicago May Wheat futures yesterday closed up $0.04 to $5.47.
Kansas City Hard Red Winter Wheat down $0.04 ½ to $4.85 ½.
May Corn closed up a penny and a half to $3.19 ¼.
Portland prices for Dark Northern Spring wheat up a penny and three quarters ranging from $6.35 ½ to $6.65 ½ for 14% protein.
Live Cattle futures were down $1 on the June board to $82 .92 ½. Feeder Cattle for May up $0.60 to $117.27 ½.
Class III milk for May up $0.16 to $10.68.