Wheat Futures Faced Pressure for Most of Friday
I’m KayDee Gilkey with the Market Line Report for July 8, 2013.
In wheat export news China bought another 4 million bushels of U.S. soft red wheat and Korea announced they would resume purchases of U.S. white wheat which is great news for Pacific Northwest wheat growers. Attention next week will be on USDA's Crop Production Report, which will feature the first survey-based estimates for the U.S. all wheat crop and spring wheat production From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.
Barnett: “It was a down day to end the week on Friday across most of the grain floor. New crop corn was down 11 cents and wheat down about a nickel so relative support for wheat. Some gains on the day for old crop corn and beans contracts. The headline is decreasing open interest in old crop contracts and we are really turning to those new crops and it is the height of the growing season here in the Mid-West and the weather is benign.”
Chicago September Wheat ended Friday down a nickel at 6-60. September corn ended the day down 6 and 1/2 cents at 5-25 and 3/4.
Portland prices for soft white wheat and club wheat were down a nickel at 7-13 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 8 and 3/4 cents at mostly 8-02 and 3/4. DNS wheat with 14 pct protein prices were down 6 and 3/4 cents at mostly 8-73 and 1/2.
August live cattle were unchanged Friday at 121-95. August Feeder cattle were up 85 cents at 151-80. August class III milk was down 11 cents at 17-96.