Corn Backs Off Slightly

This is Matt Rice with today’s Market Line Report for Wednesday. Corn backs off slightly today, but traders cautiously making their next move as crude oil sinks lower which may be an indicator of where the market could be headed. Scott Shellady with the CME Group shares his thoughts.

Shellady“ .”

Chicago Wheat prices for Dec. closed the day dn 4 ¼, to finish at 615 ¾. Dec. Corn dn 1 ¾, to close at 416. Kansas City Hard Red Winter Wheat prices for Dec. were dn 2 ¾, to settle at 549 ¼.

Portland prices for Club Wheat were Unch, closing at 6-20. Portland Hard Red Winter Wheat with 11 ½ percent Protein, for Jan. were dn 3 ¼, ranging from 7-01 ¼ to 7-06 ¼. Soft white wheat of Ordinary Protein for Jan. ended the day Unch, ranging from 5-90 to 6-25. DNS wheat with 14 % protein, prices for Jan. were dn 1 ¼, ranging from 6-98 ½ to 7-08 ½.

Live Cattle for Dec. were up $.65, closing at 104.05. Jan. Feeder cattle were up $1.65, to finish the day at 128.42 ½. Nov. Class III milk was dn $.39, at 22.37.