Brazil Markets Controlling US Numbers

Brazil Markets Controlling US Numbers

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for March 24th. Grain commodities lower on the board as Brazil's crops continue to produce massive numbers over shadowing the US market. Let's check in with Virginia McGathey as she explains the more on the Livestock Market.

McGathey "The looming big crop in South America is really just too much, as well as the commodity fund managers staying really timid right now, staying on the side lines. Not really stepping into buy anything, we're still looking for a signal. Overnight the palm oil market was really much lower, that really set the stage for the market to start to open up and go lower, it makes it very difficult for the markets to stay afloat."

As we take a look at those Chicago markets, Sept. wheat prices closed the day dn 2 ½, at 450 ¾. Chicago Sept. Corn prices were dn 2, to finish the day at 371 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were dn 2 ½- Unch, ranging from 4-51 to 4-73. Hard Red Winter Wheat with 11.5 % protein, future prices for Aug. NC were dn 4 ¼, ranging from 5-15 ½ to 5-30 ½. DNS Wheat with 14 % protein, prices for Aug. NC were up 3 ¾, ranging from 6-68 ½ to 6-73 ½. Aug. Live Cattle finished the day dn $1.05, at 108.10. May Feeder cattle were dn $1.25, at 134.50. May class III milk was dn 31 cents at 15-42.

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