Corn Hovers Around Support Level
Markets were mixed on Thursday and closed the day mostly sideways. Here’s Scott Shellady with more.
Shellady… “Let's talk about spot corn. Sept corn $3.15 is that level we're as I go to tape, we're just above it. We settled just above it yesterday. We're just hanging on above that level. That's gonna be the low, going back to April. We've tested it before. Maybe if we can bounce off of it here it will embolden some of these bulls to come in and start their bottom fishing and give us a rally up. Because if we don't and we break through that, that could bring on some more new A) shorts and B) liquidation, and that could be difficult.”
In closing markets:
Chicago September Wheat futures yesterday closed down $0.03 ¼ to $5.29 ½.
Kansas City Hard Red Winter Wheat down $0.05 ½ to $4.40.
September Corn closed up just a quarter of a cent to $3.15 ½.
Portland prices for soft white wheat of ordinary protein a touch weaker ranging from $5.70 to $5.75.
Club Wheat of Ordinary Protein bids bouncing around on the low end. Today ranging from $6.10 to $7.50.
Dark Northern Spring wheat prices up a couple cents ranging from $6.08 to $6.18 for 14% protein.
Live Cattle futures were up $0.27 ½ on the August board to $101.72 ½. Feeder Cattle for August up $1.05 to $143.02 ½.
Class III milk yesterday dropped $0.36 to $20.80.