Grains Under Pressure

Grains Under Pressure

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for May 20th. After yesterday's dollar climbed higher, grains feeling the repercussions as prices drop significantly over the day. Here's Oliver Sloup with II Trader, from the floor of the CME in Chicago.

Sloup "Unfortunately, I wish I had a little bit better news. Grains trading double digit losses across the board, corn, soy beans, wheat, all seeing a lot of pressure coming upon them. I think a lot of this is due to the stronger US dollar. Yesterday we had the Fed minutes released in the afternoon and it looks like we're right for a hike in that June meeting, which is June 15th. Which really set the dollar on a break out move higher, which put commodities on their heels. Not just in the grains, but crude and gold trading significantly lower."

Chicago July Wheat prices were dn 11 ¼, at 467 ¾. July corn ended the day dn 9 ½, at 389. Portland prices for soft white wheat of 10 ½ % protein for May had a mixed market dn 11 ¼ and up 3, ranging from 5-33 ¾- 5-52. Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 8 ¾, ranging from 5-23 to 5-30. DNS wheat with 14 % protein, prices for May were dn 2 ½, ranging from 6-16 ¾ to 6-41 ¾. June Live Cattle closed the day dn $1.57 ½, at 121.35. May Feeder cattle were dn $1.22 ½, at 147.72 ½. May class III milk was up 4 cents at, 12-79.

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