Hedging In The Green

Hedging In The Green

Matt Rice
Matt Rice
This is Matt Rice with the Market Line Report for May 26th. Grains defying all odds and rallying throughout the day, despite the lack of demand in the market. Here's Todd Horwitz to go over the details from the floor of the CME in Chicago, with Bubbatrader.com.

Horwitz "Wednesday's grains, much higher prices really interesting. If you look at the last couple days of trade, we saw big overnight sell off Monday night into Tuesday. Big rally Tuesday, followed by a late day sell off hard, and then followed by a little bit of overnight buying and now obviously, huge buying. I think, really what you are seeing is more or less what I would call an air pocket here. I am not a buyer, I am not a believer into this rally. I am a believer into this space longer term. I don't understand where we are getting all of this buying power right now."

Chicago July Wheat prices were up 2, at 466. July corn ended the day up 7 ¼, at 405. Portland prices for soft white wheat of 10 ½ % protein for June were up 2 - unch, ranging from 5-26 to 5-35. Hard Red Winter wheat with 11 ½ % protein, prices for May had a mixed market dn ½ and up 4 ½, ranging from 5-26 to 5-41. DNS wheat with 14 % protein, prices for May were unch, ranging from 6-12 to 6-27. June Live Cattle closed the day up 15 cents at 118.15. May Feeder cattle were dn 52 ½ cents, at 145.37 ½. June class III milk was up 5 cents at, 12-65.

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