USDA Report Bit Bearish for Corn

USDA Report Bit Bearish for Corn

I’m KayDee Gilkey with the Market Line Report for April 1, 2015.
Wheat followed corn lower on Tuesday following a bit of a bearish results for corn from USDA reports. From the floor of the CME Group, Todd Horwitz shares his observations of Tuesday’s markets.
Horwitz “Tuesday’s grain trade saw —well pretty wild and woolly — as we saw markets go all over the place. Obviously we had the USDA report that everybody was waiting for. And I would grade the report from the market standpoint as a zero. We didn’t do much — there was some whipping but there really wasn’t a lot of trade. I think you wait to get involved and let the market digest the information. Basically on the surface - the numbers were bearish to corn and bullish to beans — and wheat lives by itself right now.”
Chicago May Wheat ended Tuesday down 18 and 1/2 cents at 5-11 and 3/4. May corn ended the day down 18 and 1/4 cents at 3-76 and 1/4.
Portland prices for soft white wheat of ordinary protein were steady to down 18 and 1/2 cents at mostly 6-26. White club wheat of ordinary protein prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 17 to 22 cents at mostly 6-73 and 1/4. DNS wheat with 14 percent protein prices were down 14 and 3/4 cents at mostly 8-86.
June live cattle were down 65 cents on Tuesday at 152-32 and half. May Feeder cattle were down 55 cents at 216-90. May class III milk was up 11 cents at 15-88.

 

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