Wheat a Lagger

Wheat a Lagger

Susan Allen
Susan Allen
Oliver called wheat a “lagger” yesterday, I’m Susan Allen, this is Market line for Friday let’s join Oliver Sloup Of II Trader and hear why, as he reports on Thursday’s close from the floor of the CME:

Oliver Sloup: Wheat was kind of a lager getting the direction from both corn and beans, as far as momentum goes really not able to pick up ground. We broke through major support Wednesday at 502 that’s going to act as key resistance going into the close and to close out the week if they can’t manage to close above there, expect to see more pressure in the near term. On the global macro front you are going to want to keep an eye the US dollar we are well off last week’s lows catching some steam if we can get out above 98 that US dollar will have plenty of room to run to the upside that’s going to put pressure on commodities as a whole and wheat will not be able to avoid that.

Chicago September Wheat ended Thursday up 1/4 at 497 1/4

September corn closed the day up 5 1/2 at 374- 1/2

Portland prices for soft white wheat August new crop of ordinary protein was a mixed market, up ¼ and down 4 & 3/4, at mostly 5-44 &1/2.

White Club wheat 10 ½ percent protein mostly 6.21 ½ up ¼ unchanged.

August New crop Hard Red Winter wheat with 11.5 percent protein ranging 5.51-5.76 was dn 4 1/4

 

DNS wheat with 14 percent protein prices for August new crop ranging 6.06 ¾ -6.26 ¾ dn 2.75

August live cattle were up 30 cents at 145.25

August Feeder cattle were down 25 cents at 211.45. August class III milk was up 8 cents at 16.40

 

 

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