China Opportunistic Corn Buyers
Not much excitement to report in Tuesday’s trade. Many are wondering what’s coming next for the corn market. Scott Shellady sums up his thoughts.
Shellady… “Well, we had a 41 cent rally from the lows after we got the information from the USDA, some competing weather reports. Now we've given back 70% of that move to the downside. Now, guess what? The Chinese come and step back in. Large part of that move was the funds covered half of their big, big, short. September now becomes a front month. Keep that in mind. A key level for bulls and bears is going to be that $3.15 contract low. We were there in April. We were there again in June. That's going to be a level that the bulls need to see hold.”
In closing markets:
Chicago September Wheat futures yesterday closed up $0.02 to $5.26 ½.
Kansas City Hard Red Winter Wheat down $0.06 ½ to $4.42 ¼.
September Corn closed down $0.02 ½ to $3.26.
Portland prices for soft white wheat of ordinary protein a touch firmer ranging from $5.78 to $5.85.
Same thing with the club wheat of ordinary protein, now ranging from $5.85 to $7.53.
Dark Northern Spring wheat prices unchanged. Still at $6.13 ¾ to $6.33 ¾ for 14% protein.
Live Cattle futures were down $0.85 on the August board to $98.80. Feeder Cattle for August down $0.32 ½ to $136.72 ½.
Class III milk yesterday down $0.31 to $23.09.