IARN — Corn and wheat futures posted strong gains during Monday’s trade.
At the Chicago Board of Trade, December through May contracts for corn were all up 10 ¾ cents. December closed at $5.79 per bushel, March $5.87, and May $5.90 ½. Chicago and Kansas City wheat futures both had over 20-cent gains. Bill Moore, senior account executive with PRICE Futures Group, talks about some of the market drivers during our Monday Closing Market Podcast.
“The wheat was really the upside leader on Monday,” said Moore. “Wheat got up to the $8 mark for December and I think that was the first time. I think that was a new high. The market is riding pretty solid fundamentals, at least in both wheat and corn. I think the supply issue around the world is a factor. Stocks are tight and the markets are feeling it. Wheat is still the upside leader and then corn is next in line and then the lagger is beans. Monday’s action reflects that perfectly.”
Soybeans were slightly lower at Monday’s close. For the livestock trade, hogs led the charge with gains of 12 to 32 cents, while feeder cattle futures were down over $2 and live cattle was down 27 to 50 cents.
To reach Bill Moore at PRICE Futures Group, call his cell at 630-947-5176.
Story courtesy of the Iowa Agribusiness Radio Network.
