Looking for Demand

Looking for Demand

I’m Lacy Gray. This is Market Line.

During Tuesdays trading the wheat market was soft and corn took a bit of a dive but according to Joe Vaclavick with Standard Grain there is a good crop out there with just one question.

VACLAVICK: The question is going to be demand. When is demand going to come in and start to improve now that we have this $3 handle on the corn market, you’ve got to think at some point that you’ll see some increase in demand here. But for right now the headline story is that production is going to be big. We’re potentially looking at a record corn crop in the U.S. and that’s what this market is acting on. We’ve got some low prices relative to what we’ve seen in the last 5 or 6 years and it’s going to be interesting to see the next 6 or 8 months if those can hold together.

Now checking some closing prices from yesterday:

Chicago September Wheat ended Tuesday unchanged at 537 3/4.

September corn ended the day down 7 and a 1/2 at 374.

Portland prices for soft white wheat were unchanged at mostly 6.74.

White club wheat prices were unchanged to up 75 at mostly 7.24.

Hard Red Winter wheat with 11.5 percent protein prices were down 7.25 at mostly 7.34.

DNS wheat with 14 percent protein prices were down 8.75 at mostly 8.03 1/2.

August live cattle were up 77 1/2 at 148.57 1/2.

August Feeder cattle were up 85 cents at 211.52 1/2.

August class III milk was up a nickel at 21.02.

I’m Lacy Gray and that’s Market Line on the Ag Information Network

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