Choppy Grain Market

Choppy Grain Market

Susan Allen
Susan Allen
I’m Susan Allen with the Market Line Report for September 2. Choppy was the term annalist Chris Robinson used to describe the market’s close yesterday from the floor of the CME.

Robinson: “It was a choppy day we’ve been moving around playing second fiddle to the stock market and the crude oil. Crude oil volatility has washed over into the grains, wheat kind of hanging in there as well but you have to watch Chicago wheat, that spike down on the low at 476 if that was to fail you may see some new sell orders coming in the fund’s currently short 19,000 contracts a week. You have got to remember we have a holiday weekend coming, would not be surprised to see some more trade Wednesday and then backing off very thin trade Thursday in anticipation of the coming holiday.

 

Chicago September Wheat ended Tuesday up 1 ½ at 483 even. September corn ended the day down 7 ¾ at 355 ¼. Portland prices for soft white wheat of ordinary protein for September were down 8 ¾ at mostly 5-40 ¼. Hard Red Winter wheat with 11 ½ % protein prices for September were down 10 ½ to 5 ½ even, at mostly 5-70 ¼.

DNS wheat with 14% protein, prices for September were a mixed market down 3 ¼ and up 1 ¾ at mostly 6-20 ¼.

October Live cattle closed Tuesday down $2.20. October Feeder down $2.80 at 195.071/2 September class III milk was up 21 cents at 16-71.

 

 

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