Volatile Day in the Wheat Market
Volatile day in the wheat markets yesterday. Virginia McGathey explains.
McGathey…”The softer red wheat decline over time has really been the lowest in about 12 years. So this rally just didn't come out of nowhere, but the market's been kind of grinding higher. And all of these fundamental issues are what's moving the market right now. But even though we did have that big pullback today, I don't think that the rally is over yet. There's still other issues going on, especially globally. Those global price values are kind of underpinning our ability to start to do a lot more shipping. So, overall I think that the market still looks pretty good and I think that we're going to have a little bit of jostling back and forth, at least for the short term.”
Chicago March Wheat futures ended the day closing down $0.03 ½ to $5.77 ½.
Kansas City Hard Red Winter Wheat down $0.07 ½ to $4.92 ½.
March Corn closed up a penny and a quarter to $3.88 ½.
Portland prices for soft white wheat of ordinary protein trended lower. Bids range from $6.20 to $6.25.
Club Wheat of Ordinary Protein unchanged at $6.30 to $7.95
Dark Northern Spring wheat down $0.06 ¾ now bid $6.90 ½ to $7.25 ½ for 14% protein.
Live Cattle futures were down $0.20 to $126.17 ½ on the February board. March Feeder Cattle down $1.15 to $143.92 ½.
Class III milk with another day in positive territory, up $0.26 to $17.80.