Tuesday Corn Closes Lower and Wheat Slight Gains

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.

 

Previous ReportSmall Gains in the Wheat Markets Monday
Next ReportWheat Down Slightly on Wednesday