Improved Global Weather Forecasts Hammer Wheat Markets

Improved Global Weather Forecasts Hammer Wheat Markets

I'm KayDee Gilkey with the Market Line Report for May 30, 2012.

Some cooler weather and rains in the central plains plus a little better weather forecast for much of the northern hemisphere essential growing areas was seen as a key negative force on Tuesday’s wheat markets. From the floor of the CME Group, Virginia McGathey with McGathey Commodities shares her observations of Tuesday’s markets.

McGathey: “Corn and wheat were off a little bit, with wheat leading the way. Basically from the winter wheat crop coming in. It is really actually harvesting very well -- even though there was some concerns that there was going to be a little of the dryness might hurt some of the production. It still looks pretty well. Then when you look back around the world, we see plentiful supplies around the world and the forecast still looks pretty good.”

Chicago July Wheat ended Tuesday down 23 and 1/4 cents at 6-56 and 3/4. July corn ended the day down 16 cents at 5-62 and 1/2.

Portland prices for soft white wheat and club wheat were down a dime at mostly 6-90. Hard Red Winter Wheat with 11.5 pct protein prices were down 22 to 37 cents at mostly 7-61. DNS wheat with 14 pct protein prices were down 14 cents at mostly 9-10.

August live cattle ended up 50 cents at 119-60. August Feeder cattle were down 93 cents at 157-58. July class III milk was down 34 cents at 16-01.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.