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Grain Prices Break from Drought-Driven Rally

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  • Description

    FBN’s Jeff Flock on the drought’s impact on grain and meat prices.

  • Duration 2:16
  • Date

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Exactly behind the selling Jeff Flock is in -- bid for the CME with the latest and explained Jeff.

-- actually you know one of the things it to Obama administration is doing is trying to react to this drought and in the -- right now a got Scotch reality with me of course is -- -- to talk about -- since.

He kind of looks like -- he knows something about meets anyway.

Put the price is up for for a pork and beef as we talked today.

The Obama administration buying a 170 million dollars worth of to prop up basically meat prices.

Time and they've succeeded in doing doing that today at least here.

But I think that they're nibbling at the periphery right now because a lot of the things -- they've been talking about.

Really haven't addressed -- -- issue we've got going on grains for the drought so I think that but this is telling us they're gonna do everything but tuxedo from -- I'm just it's an interesting take on a you know some people think that the fall off in Greece they let's walk into the greens -- if we -- they Dutch follow -- around if you can.

The falloff in Greece they put up a corn boards he put up though it.

The soybean board to -- board.

Get a huge sell off today some people thought maybe it's as a result of the government thinking they could do something about relaxing the ethanol mandate that.

Mandates a -- get blended into ethanol and put into gasoline.

What do you think.

I think it's very that we have had some precipitation this weekend we had some -- that's -- here in Chicago today.

And at the same time you know all traders let's -- you need to suitable every day.

And we -- enable -- news here to keep us keep us tyrants of -- BM easier kind of address the board on whether it.

As as Scott saying maybe what he's saying has some validity because the price of ethanol today.

Ethanol futures not a heavily traded contract but down today.

And I would expect that to be the case just with the overall mood of the market someone -- -- been double the number one.

But number -- if we don't have something there to give us a new -- hired to keep us elevated these levels things will settle a quick before we get away there's still a lot of money in this -- marketed.

And I think they're gonna stay here we're probably gonna go sideways while the financials and equities enjoy the rest -- up with all the -- going -- -- Europe.

We go side was until we start seeing those comments and the in the fields and then we determine where really -- absolutely okay.

Lot of hedge fund money in the market lot of you know money that hadn't been there before him now.

-- -- winds up in the government propping up the base market all right Jeff Flock to the CME thank you so much.

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