Mixed Day in Grain Markets Tuesday

Mixed Day in Grain Markets Tuesday

I’m KayDee Gilkey with the Market Line Report for April 23, 2014.

Wheat and corn markets rallied a bit on Tuesday. From the floor of the CME Group, Todd Horwitz shares his observations of Tuesday’s markets.

Horwitz: “Tuesday’s grain trade a little bit of a mixed market with both corn and wheat rallying and soybeans taking it on the chin. But I think the bigger picture to look at here is across the board — bottom line is that they are all lower. So as we look at the picture, the squeeze is coming out or the silo squeeze which we’ve been watching is starting to work its way out and we are starting to see lower prices on a regular basis. So although corn was up about 10 cents and wheat was up as well it is squeezy between crop to crop.”

Chicago May Wheat ended Tuesday up 4 and 13/4 cents at 6-73. May corn ended the day up 7 and 3/4 cents at 4-96 and 1/4.

Portland prices for soft white wheat were up 4 and 3/4 cents at mostly 7-54 and 3/4. White club wheat prices were mixed — down a nickel to up 4 and 3/4 cents at mostly 8-04 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 7 and 1/4 cents at mostly 8-52 and 1/4. DNS wheat with 14 percent protein prices were up 5 and 3/4 cents at mostly 8-66 and 1/4.

 

June live cattle were up 42 and half cents on Tuesday at 134-97 and half. May Feeder cattle were up 25 cents at 178-35. May class III milk was up 45 cents at 22-29.

 

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