Chicago Wheat Commodity Markets, Prices & Futures
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Latest News From Chicago Wheat
Mark Knight with Farmers Keeper Financial says the funds are exiting as the grains have divorced from the crude oil market and are trading weather.
Ben Rand of Blue Line Futures says an unprecedented Western drought is shrinking crops, drying up wells, tightening hay supplies and accelerating cattle herd liquidation across the region
Garrett Toay with AgTraderTalk says the grains fell despite the sharply higher crude oil market but why now?
Matt Bennett with AgMarket.Net says the broad based selling was tied to lower crude oil markets and headlines from President Trump that the Strait of Hormuz was going to reopened and the U.S. had struck a cease fire for the next 60-days.
A case of New World Screwworm (NWS) only 52 miles from Texas was reported by USDA on Thursday making it the closest detection to the U.S. to date. Brad Kooima with Kooima Kooima Varilek says that is pressuring cattle futures.
The row crop and cotton markets saw some early support Thursday from a rally in crude oil as doubts about the peace deal with Iran came into question.
Grains markets were mostly higher Thursday morning except hard red winter wheat following a bounce in crude oil says Mike Minor with Professional Ag Marketing.
Corn and wheat futures saw more fund selling and long liquidation end of month but it was triggered by war headlines. Chuck Shelby with Zaner Ag Hedge says those markets continue to remove risk premium.
Corn futures are lower again on Wednesday following the easing crude oil market as Iran peace talks continue to progress. What’s holding up soybeans and cattle?
Alan Brugler with A&N Economics, Inc. says the grain market traders are cautiously optimistic a cease fire or peace deal between the U.S. and Iran is near and took out war premium Tuesday.