Market Line Report for May 8, 2014
Wheat Affected by the Ukraine. I'm David Sparks filling in for KayDee Gilkey with the Market Line Report for May 8, 2014. Wheat market and other grains are being affected by world politics, most notably the Ukraine according to the CME groups Todd Horwitz. "Wednesday's grain trades saw lower prices across the board and I think we are seeing some interesting scenarios develop here as we have been all along we have embarrassed the grains, especially as we knew what we were getting what we call a silo squeeze. Wheat, once the weak sister of the package, has now become the stronger one. I think most of it is related to what is going on in Ukraine, I think the issues here are simply related to the Ukraine which has pushed wheat up to the 7.30 levels but I still believe that wheat at 7.50 is a great sale, I think corn somewhere around 5.20 is a great sale."
In other news, June live cattle were down 60 cents on Wednesday at a little over 137 1/2. June class III milk was up 38 cents at 21 1/2. Bids for US 1 Soft White Wheat delivered to Portland trended steady to 1.25 cents per bushel lower than Wednesday's noon bids for May delivery. Bids for US 1 Hard Red Winter Wheat for May delivery trended 4.25 to 9.25 cents per bushel lower than wednesdays noon bids for the same delivery period.
