Cattle Weaker, Grains Mixed
With the tough crop year last year and the recent trade deals, many farmers are scratching their heads as to why grains haven’t rallied. Joe Vaclavik of Standard Grain shared some sensible perspective on the topic on his podcast “Grain Markets and Other Stuff”.
Vaclavik…”Could the government come back and change the size of the crop at any point in time here? Sure they could. If there was ever a year to do it, it's probably this year. 2019 was an extraordinary year. From a crop production standpoint. We had weather that we've never seen. We had late plantings like we've never seen. A lot of things happen that were really kind of unprecedented. So if the government were to come in and make some sort of adjustment down the road, that would not surprise me in the least. But I'm not going to bet on that. I'm not going to say that. That's my marketing plan.”
Chicago March Wheat futures closed up $0.02 ½ to $5.80 ½.
Kansas City Hard Red Winter Wheat down just a quarter cent to $4.92 ¼.
March Corn closed up $0.05 to $3.93 ½.
Portland prices for soft white wheat of ordinary protein a bit firmer yesterday. Bids range from $6.20 to $6.30.
Club Wheat of Ordinary Protein unchanged $6.30 to $7.95
Dark Northern Spring wheat steady ranging from $6.90 ¾ to $7.25 ¾ for 14% protein.
Cattle in negative territory today on expected placements and cattle on feed to be improving.
Live Cattle futures were down $1.50 to $124.67 ½ on the February board. March Feeder Cattle down $2.52 ½ to $140.52 ½.
Class III milk rally continues. Up $0.18 to $17.98.