Wheat Market Moves Lower
Chicago and Kansas City wheat traded lower on the day Friday after traders took profits and positioned ahead of the weekend. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.
Barnett: “We had the winter wheat tour across Kansas this week. Informa came out with some numbers, a highly respected private analysts, they show a 50 million bushel reduction in the size of the U.S. hard red winter wheat crop. We also had some numbers come out of StatsCanada they came out with their quarterly stocks and their stocks showed they had 400,000 tons less than expected. All that should be supportive, none the less wheat dropped.
Chicago July Wheat ended Friday down 7 and 1/2 cents at 7-21. July corn ended the day down a 3/4 of a cent at 6-61 and 1/4.
Portland prices for soft white wheat and club wheat were down 5 to 7 and 1/2 cents at mostly 7-70 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 12 and 3/4 cents at mostly 9-10. DNS wheat with 14 pct protein prices were down 6 and 1/4 to 11 and 1/4 cents at 9-40.
June live cattle were down Friday $1.82 and half at 121-82 and half. August Feeder cattle were down $2.15 at 147-50. June class III milk was down 40 cents at 18-91.