Wheat Futures See Sell Pressure Late in Day
Wheat futures had a supportive tilt at the opening bell but saw sell pressure late in the day Friday. Slow export demand for US wheat is certainly weighing on the upside advance for prices as US cargos are being offered at a stiff premium to other major exporters. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.
Barnett: “Well a strong day in new crop contracts, in particular. The other thing I want to point out is that next Wednesday we will get the USDA crop report for wheat and we are expected to see somewhere between a 30 to 50 million bushel reduction from last month’s report for the U.S. hard red winter wheat crop. We’ll see if that plays out but that provides at least some underlaying support in the wheat market.”
Chicago July Wheat ended Friday down 1 and 1/2 cents at 6-96 and 1/4. July corn ended the day up 3 cents at 6-66 and 1/4.??
Portland prices for soft white wheat and club wheat were down 1 and 1/2 cents at mostly 7-35 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 and 1/2 cents at mostly 8-70. DNS wheat with 14 pct protein prices were down a 1/2 of a cent at mostly 9-32 and 3/4.
August live cattle were down Friday 80 cents at 119-22 and half. August Feeder cattle were down $1.02 and half at 143-62 and half. July class III milk was down 8 cents at 18-58.