Fed Rates Weaken Markets

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Monday. Markets across the board shifted lower following Jerome Powell’s speech Friday, regarding increased Interest Rates. Let’s go to Oliver Sloup with the CME Group to explain more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day Up 16 ¼, to finish at 8-05 ¼. Dec Corn was Up 14 ¼, to finish the day at 6-64 ¼. Kansas City Hard Red Winter Wheat prices for Dec. were Up 16, to settle at 8-82 ¼.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 8-50 to 9-10. Soft white wheat with 10 ½ % Protein prices for Oct. were Unch, ranging from 8-52 to 8-90. Hard Red Winter Wheat with 11 ½ percent Protein prices for Oct. were Up 16, ranging from 9-92 ¼ to 10-02 ¼. DNS wheat with 14 % protein, prices for Oct. were Up 13 ¾, to settle at 9-89 ½.

Live Cattle for Oct. were Dn $.60, closing at 143.05. Oct. Feeder Cattle were Dn $2.12 ½, to finish the day at 183.40. Sept. Class III milk was Up $.23, to settle at 20.24.