Wheat Futures Drops Sharply on Monday
Monday saw the futures pushed heavily negative with all the grains down to levels not seen since the end of January. From the floor of the CME Group, Virginia McGathey says
McGathey: "The only contract that really had some big movement today was the wheat and it was down sharply ended up 10 cents lower or even more. Definitely broke through its support level. The fact that there is some difficulty in the weather conditions we expect that would offer some support to the wheat market — but it looks like the market just shrugged it off. There just isn't enough demand right now and the U.S. demand/output is not keeping up with the pace of
Chicago markets, May wheat prices closed the day dn a dime, at 4-30 and a 1/2. Chicago May Corn prices were dn 3 1/4, to finish the day at 3-61. Portland prices for Soft White Winter Wheat of ordinary protein were down a dime, ranging from 4-50 and 1/2 to 4-65 and 1/2. White Club Wheat of ordinary protein was down a dime as well ranging between 4-50 and half and 7-75 and half. Hard Red Winter Wheat with 11.5 % protein, were dn 12 and 3/4, ranging from 4-92 3/4 to 5-17 3/4. DNS Wheat with 14 % protein, were dn 7 and 1/4, ranging from 6-31 ¼ to 6-66 ¼.
June Live Cattle finished Monday up 60 cents, at 108.10. May Feeder cattle were up $1.22 and half, at 127 even. April class III milk was down a dime at 15-51.
