Boring Markets today
So far today the grain markets have had very small ranges today. Corn is about unchanged and is still trying to break out above that overhead resistance. In case you have not noticed oats are on a tremendous run higher, up 14 cents to over $4 a bushel. It’s hard to believe a bushel of oats is approaching corn!!! Some of the “old time” traders like to follow oats as an indication of where corn will go. The thought is that the price of oats is determined more by the basic fundamentals, Corn is a much bigger market, more players, specs and the “funds”. I have watched the oats as an indicator for corn and many times it works, but remember not every time! Being I have old crop corn to sell yet it sure would be nice to see a rally in corn. Beans are down just a couple with the market still focused are the big crop coming in South America. Some traders are starting to mention that the crop in Argentina may have been hurt earlier in the season because of hot and dry weather. Wheat is a bit firmer likely for a couple reasons, a little short covering by the funds and some concern moving into the market about possible winterwheat damage because of the extreme cold weather and lack of snow cover.
CHICAGO (AP) — Grain futures were lower Wednesday in early trading on the Chicago Board of Trade.
Wheat for March delivery was unchanged at 5.66 cents a bushel; March corn was 2 cents lower at 4.30 a bushel; March oats were unchanged at $4.1675 a bushel; while March soybeans loss 10.50 cents to 12.75 a bushel.
Beef was lower while pork was higher on the Chicago Mercantile Exchange.
April live cattle was .33 cents lower at $1.4002 a pound; March feeder cattle was .17 lower at $1.6820 a pound; April lean hogs gained .13 cent to $.9370 a pound.