Tuesday Corn Closes Lower and Wheat Slight Gains
I’m KayDee Gilkey with the Market Line Report for April 22, 2015.Corn closed lower on favorable planting conditions and weather with 9 percent of the corn is planted. Wheat closed with gains as dryness is still a concern in the NW Plains. From the floor of the CME Group, Todd Horwitz shares his observations of Tuesday’s markets.
Horwitz: “Tuesday’s grains we saw mixed prices and moderate moves. I think that corn has the most pressure on it right now. But corn has been the strongest for the past three or four months. We do see a lot of weakness — but are we as weak as we should be? I think that is really what you want to take a look at here. We’ve got news today — we have plenty of reasons to be a lot lower — but we are not going a lot lower. We’ve got a stronger dollar. Plenty of issues to hold these prices — yet they hold.”
Chicago July Wheat ended Tuesday up 2 cents at 5-00 and 1/4. July corn ended the day down 4 and 3/4 cents at 3-80.
Portland prices for soft white wheat of ordinary protein were steady to up 2 cents at mostly 6-20 and 3/4. White club wheat of ordinary protein prices were steady to up 2 cents at mostly 7-90 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 1 and 1/4 cents at mostly 6-21 and 3/4. DNS wheat with 14 percent protein prices were up 6 and 1/4 cents at mostly 7-90 and 1/4.
June live cattle were up 85 cents on Tuesday at 146.72 and half. May Feeder cattle were up $1.82 and half at 206.97 and half. May class III milk was up 17 cents at 16-45.