January WASDE Report
Friday was report day. The USDA published their January World Agricultural Supply and Demand Estimates or WASDE Report. Expected to be a market mover, the results were pretty neutral - to maybe slightly bullish. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey…”Wheat was a little bit mixed. The fundamentals do remain bearish. However, the futures did make yet another new high, but quickly retreated. The markets are kind of thin and some of the short covering on these markets, certainly right before the report, probably spurred the market up a little bit higher. But really all eyes are on the signing of the deal next week, and overall the demand has been slow. In the end, the grains remained unchanged after this big report on what's happened in 2019."
Here’s how the markets looked on Friday’s close:
Chicago March Wheat futures up $0.02 ¼ to $5.64 ½.
Kansas City Hard Red Winter Wheat up $0.04 ½ to $4.94 ½.
March Corn closed up $0.02 ½ to $3.85 ½.
Portland prices for soft white wheat of ordinary protein unchanged ranging from $6.10 to $6.20.
Club Wheat of Ordinary Protein for Dec at yesterday’s close ranged from $6.20 to $7.87.
Dark Northern Spring wheat prices up $0.06 ¼ yesterday ranging from $6.93 ¼ to $7.18 ¼ for 14% protein.
Live Cattle futures were up $0.70 to $127.42 ½ on the February board. Jan Feeder Cattle were up $0.90 to $147.45.
Class III milk for February ended unchanged at $16.98.