Corn Leads Grains Lower
Cattle and milk each with a better day in the markets yesterday. Grains on the on the other hand, were negative. Especially corn. Here’s Virginia McGathey.
McGathey… “Corn did fall hard. I mean, the demand destruction is plentiful right now. Planting is moving ahead. The cattle on feed report just showed that the placements were really lower than they expected, even from last year. And I think it's at like 77% that makes the feed demand even lower. So it's difficult for corn and it's starting to be in a hurry to get to that $3 mark, even on the June contract. So, we have to watch that closely because the market is really giving up here.”
In closing markets:
Chicago May Wheat futures yesterday closed down $0.05 ½ to $5.21.
Kansas City Hard Red Winter Wheat down $0.04 ¼ to $4.70 ½.
May Corn closed down $0.10 ¼ to $3.05 ½.
Portland prices for soft white wheat of ordinary protein down a nickel ranging from $6.13 to $6.15.
Club Wheat of Ordinary Protein also down a nickel ranging from $6.15 to $7.88.
Dark Northern Spring wheat prices down a nickel as well ranging from $6.24 to $6.54 for 14% protein.
Live Cattle futures were up $1.42 ½ on the June board to $84.05. Feeder Cattle for May up $0.70 to $118.15.
Class III milk yesterday up $0.45 to $11.25.