Bearish Markets In Grains

Bearish Markets In Grains

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for Feb 12th. Not a very active market today in the grains, after the USDA report came out earlier this week. Soy beans leading the way in grains today, wheat on the other side of the scale prices continue to drop. Oliver Sloup shares his thoughts from the floor of the CME in Chicago with II Trader.

Sloup- "Kind of a mixed bag of treats, which is actually nice to see despite the weak outside markets. Lets starting looking at corn, relatively mute session. Earlier in the week we had the USDA report that came out, kind of as expected, a little more bearish than a lot of people were anticipating. With the fundamental news behind us it's going to lean a lot more on the technical from here on out. 364 to 367 was major technical support, that broke down the day before the report and put the market in a neutral setting."

Chicago March Wheat ended the day dn 3, at 458. March corn ended yesterday unch, at 361. Portland prices for soft white wheat of ordinary protein for March were dn 3, ranging from 5-18 ¼ to 5-27. Hard Red Winter wheat with 11 ½ % protein, prices for Feb we dn ¾, ranging from 5-39 to 5-54. DNS wheat with 14 % protein, prices for Feb were up ¼, ranging from 6-01 ¼ to 6-16 ¼. Feb Live Cattle closed the day dn $2, at 130.47 ½. March Feeder cattle were dn 87 ½ cents, at 150.35. Feb class III milk was up 12 cents, at 13-90.

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