Monday Brings Lower Prices for Wheat and Corn

Monday Brings Lower Prices for Wheat and Corn

I’m KayDee Gilkey with the Market Line Report for November 18, 2014.
Corn and wheat closed lower on Monday with corn harvest expected to slow down but with no expected problems. From the floor of the CME Group, Alexandra Lively shares her observations of Monday’s markets.
Lively: “A lot of focus on Japan this morning with the world’s third largest economy has officially moved into a recession with their GDP contracting for two consequtive quarters. In addition most commodities were lower as the U.S. dollar index was training higher this morning with the Greenback hitting a seven-year high against the Yen. In terms of the grain complex, markets began this week under selling pressure. In this morning’s export inspection reports corn and wheat were below export expectations were below expectations, with traders noting very light wheat shipments.”
Chicago December Wheat ended Monday down 8 and 3/4 cents at 5-51 and 3/4. December corn ended the day down 4 and 1/4 cents at 3-77 and 1/2.
Portland prices for soft white wheat were mixed down 8 and 3/4 to up 4 cents at mostly 7-04 and 3/4. White club wheat prices were down 1 and 1/4 to 8 and 3/4 cents at mostly 9-51. Hard Red Winter wheat with 11.5 percent protein prices were down 9 cents at mostly 7-39 and 1/2. DNS wheat with 14 percent protein prices were down 3/4 of a cent to 5 and 3/4 cents at mostly 9-47 and 1/2.
December live cattle were up 80 cents on Monday at 171-even. January Feeder cattle were up $1.35 at 237-47 and half. December class III milk was down 48 cents at 18-37.
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