USDA Report Unfriendly Towards Grains

Chicago and Kansas City wheat traded sharply lower on the day Friday after the USDA report for wheat was considered bearish against trader estimates. This action resulted in a slightly lower weekly close. From the floor of the CME Group, Greg Wagner shares his observations of Friday’s markets.

Wagner: “Friday’s grain trade is key offed absolutely we came out with the much anticipated May WASDE report. Now the market as far as price reaction was according. We had double digit losses in both old crop corn and old crop soybeans as well as new crop corn and new crop soybeans and well as the wheat market. We were down pretty hard, pretty hard . I think what is keeping a little bit of support here is weather and delayed planting.”

Chicago July Wheat ended Friday down 19 and 1/4 cents at 7-04 and 1/4. July corn ended the day down 12 and 1/2 cents at 6-36 and 1/4.??Portland prices for soft white wheat and club wheat were down 19 and 1/4 to 20 cents at mostly 7-62 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 15 and 1/2 to 20 and 1/2 cents at mostly 8-91and 3/4. DNS wheat with 14 pct protein prices were down 16 and 3/4 cents at 9-23 and 3/4. ??June live cattle were down Friday a dime at 120-45. August Feeder cattle were up 65 cents at 146.62 and half. June class III milk was down 30 cents at 18-08.