Market Line for Friday 9-19

Market Line for Friday 9-19

David Sparks Ph.D.
David Sparks Ph.D.
Here is today's market line report for Friday, September 19. According to grain analysts, Thursday's grain trade was a real washout. From the floor of the CME group, we hear from Larry Schover: "Thursday's rain trade, a real washout here at the CME group in Chicago. Have to start with beans. We saw November beans wavering down about four cents on the day, washed out ending down $.11. traders are talking about the strong US dollar however we have to remember that it is not that strong today and especially not strong against the Chinese RMB seem to be the biggest buyers. Wheat ended the day down $.11, we saw it down in negative territory most of the day but really single digits, it wasn't until the close. Sales came out early and they were actually awful, a lot worse than consensus but wheat was only down five or six cents on that news. Japan is the biggest buyer. We are continuing to hear there is an enormous backup in northern North America and Canada with railcars, Canadian Pacific and Burlington Northern really the most affected with the backup on wheat.

Moving on to live cattle, very interesting, yesterday being up between $.82 and $1.44. Cash market was weak, we saw choice down about $1.73 and select down 64 cents.

Previous ReportMixed Wheat Futures on Wednesday
Next ReportGlobally Just Too Much Wheat