Corn Steady Despite China Purchases
More demand has entered the corn market in the past week, particularly from China. So why haven’t we seen the market respond accordingly? Scott Shellady breaks it down.
Shellady… “We got some great news about some of these purchases from China and the market just didn't really take to them. So when a market doesn't react to good news, that makes it tough. So bullish news doesn't move the needle. That gets a little concerning to me. We're still in a weather market here. What does it show? It shows some decent amount of precipitation. We've got, say, Indiana, Ohio, Illinois, Michigan, and Missouri all running about 130 -168% of normal precipitation for the next seven days. But, you know, this market still has got some good demand stories in there that might be trumping that a little bit right now. We'll wait and see, but you have to kind of keep that also in consideration when we get to those levels. So keep those are mind and we'll see what we can get going on for the rest of the week here. And hopefully we can hang on to these gains.”
That September Corn market closed the day up $0.04 to $3.30 ¼.
Chicago September Wheat futures back down hard after
Wednesday’s rally. That market dropped $0.15 ½ to $5.35 ¼.
Portland prices for soft white wheat of ordinary protein unchanged yesterday ranging from $5.78 to $5.80.
Club Wheat of Ordinary Protein $5.80 to $7.53.
Dark Northern Spring wheat dropped $0.12 ½ ranging from $6.10 ¼ to $6.30 ¼ for 14% protein.
Live Cattle futures were up another $1.97 ½ on the August board to $103.27 ½. Feeder Cattle for August up $3.17 ½ to $142.60.
Class III milk yesterday up $0.35 to $22.69.