Economy Plays Major Role In Grains

Economy Plays Major Role In Grains

Matt Rice
Matt Rice
I'm Matt Rice with the Market Line Report for Feb 4th. The grain market is feeling the ripple effect of the overall economy with prices down on the day. Wheat, being the only grain still trading strong after yesterday's market came to a close. Todd Horwitz goes over the details with bubbatrading.com from the floor of the CME in Chicago.

Scoville- "Wednesdays grain trade saw, a pretty mixed trading but lower pretty much across the board. With the exception of the wheat market, but I think overall what you are seeing is is you are seeing a market that is taking its keys from what's going on over the entire economy. We have certain levels we have been watching, until they come back into play. I would see no reason to be panicked or afraid here. I think $3.65 in corn looks like a great level I'd want to get back in."

Chicago March Wheat ended the day up 4 ¾, at 478 ¾. March corn ended yesterday dn 1 ½, at 371. Portland prices for soft white wheat of ordinary protein for Feb were unch to up 4 ¾, ranging from 5-23 to 5-45. Hard Red Winter wheat with 11 ½ % protein, prices for Feb up 3 ¼, ranging from 5-63 ½ to 5-68 ½. DNS wheat with 14 % protein, prices for Feb were up 4 ¾, ranging from 6-05 ½ to 6-30 ½. Feb Live cattle closed the day up $1.37 ½, at 137.10. March Feeder cattle were up 55 cents on the day, at 158.40. Feb class III milk was a penny, at 13-90.

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