Wheat Markets Lower Again
USDA released its monthly reports on Wednesday and there wasn’t a lot of fireworks. U.S. wheat ending stocks grew by 10 million bushels through increase to Hard Red Wheat and Durum and no change to Soft Red Wheat and cutting Dark Northern Spring and Soft White White. White wheat stocks were cut by 5 million bushels to 32 million. From the floor of the CME Group, Chris Robinson shares his observations of Wednesday’s markets.
Robinson: “The Russians now backed off and said that they never they would going to stop exporting wheat. Which is a direct contradiction to what they said last week which spiked up the wheat, so you have lower prices in response to that.”
Chicago March Wheat ended Wednesday down 4 cents at 5-93 and 3/4. March corn ended the day down 1 and 1/2 cents at 3-93 and 3/4.
Portland prices for soft white wheat were down 4 cents at mostly 6-97 and 3/4. White club wheat prices were down 4 cents at mostly 9-64 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 4 and 1/2 cents at mostly 7-30 and 1/2. DNS wheat with 14 percent protein prices were down 3 and 1/2 cents at mostly 9-31 and 1/2.
February live cattle were down 20 cents on Wednesday at 162-85. March Feeder cattle were down a dime at 227-25. January class III milk was unchanged at 15-90.