Choppy Day for Wheat Markets End Lower
It was a choppy day in the wheat markets and all wheat contracts ended lower on the day. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.Horwitz: “Wednesday’s grain trade was a little like a soap opera: they laughed they went up; they cried and they went down and at the end of the day we settled somewhere plus or minus across the board. I think this is the kind of action you can expect moving forward. I think wheat remains the most wild grain we can see — Decs wheat was up to $5.40 this morning and then ended up coming back all the way down. Corn both sides of unchanged. Again I think this is the kind of action you can look for in these markets right now. The dollar is under pressure today — which is helping — but it didn’t help enough.”
Chicago July Wheat ended Wednesday down 2 and 1/4 cents at 5-15. July corn ended the day up half a cent at 3-65 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to down 2 and 1/4 cents for August delivery of new crop ranging between 5-85 and 6-25. White Club wheat of ordinary protein had no nearby price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/4 cents at mostly 6-27 and 1/4. DNS wheat with 14 percent protein prices were down 8 and 1/4 cents at mostly 7-61.
August live cattle were down $1.37 and a half on Wednesday at 150.62 and half. August Feeder cattle were down $1.42 and half at 221.90. July class III milk was down 17 cents at 16-73.