Firecrackers For Wheat!

Firecrackers For Wheat!

Susan Allen
Susan Allen
Soaring was how most market analysts described corn futures last week after the Ag Department released it’s quarterly report estimating that the new corn crop will be 2 % lower than last years and the lowest since back in 2010. If you’re a wheat grower it was a great week as well especially when wheat hit a high in spite of speculation that there were more plantings than forecasted. While all of us out west are bemoaning the dry weather and worrying about wild fire danger it was the heavy rains that drenched the Midwest that kept farmers from harvesting that took wheat prices to a six-month high. As of June US wheat inventories were up 163 million bushels from this time last year. We now have 753 million bushels in inventory surprising analysts who thought their 713 forecast was high. Chicago Board of Trade July wheat futures added 34. ¼ or 5.9% to $6.1475 the highest settlement price since December 29. Then there’s cattle. While I heard some dire commentaries say that live cattle would continue to trend lower and prices were up and down not much actually changed last week. To quote Cassie Fish who writes on markets for Consolidated Beef Producers.. Even bears get quiet when the discussion about expectations for extremely tight fed cattle supplies in 4th Q2015 come up. The market is smack in the middle of summer transition from bearish news to an improving outlook. Firecrackers for Wheat and sparklers for cattle .We’ll take it!
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