Short Covering In Corn Contracts

This is Matt Rice with the Ag Information Network and today’s Market Line Report for Thursday. The Corn market gained new momentum as global export issues in the Black Sea cause short covering. Let’s go to Ted Seifried with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for Dec. closed the day Up 18 ¼, to finish at 5-78 ¼. Dec. Corn was Up 11 ¼, to finish the day at 5-12 ¼. Kansas City Hard Red Winter Wheat prices for Dec. were Up 24, to settle at 6-90 ½.

Portland prices for Club Wheat with 10 ½ % Protein were Up 3 - 10, ranging from 6-95 to 7-30. Soft White Wheat with 10 ½ % Protein prices for Dec. were Up 20-50, ranging from 6-85 to 7-35. Hard Red Winter Wheat with 11 ½ percent Protein prices for Dec. were Up 24-29, ranging from 7-20 ½ to 7-70 ½. DNS wheat with 14 % protein, prices for Dec. were Up 19 ¾, ranging from 7-86 ½ to 8-26 ½.

Live Cattle for Dec. were Dn $.65, closing at 185.37 ½. Nov. Feeder Cattle were Dn $.12 ½, to finish the day at 250.30. Nov. Class III milk was Up $.21, to settle at 17.28.