Good News and Bad News
The good new for farmers, more MFP payments on the way. The bad news, China is warning that coronavirus may keep them from buying all those American commodities. Here’s Joe Vaclavik from the “Grain Markets and Other Stuff Podcast”.
Vaclavik…”China is seeking flexibility on some of the commitments that it made in the phase one trade deal. This is according to reporters at Bloomberg, citing unnamed Chinese sources in a report yesterday. It appears as if China is using the outbreak of the coronavirus as its reason for the potential request, this is not an official request as of right now. U.S. farmers will begin receiving the third and final payment of the MFP payments this week. Washington has already paid out two parts of the $16 billion aid package. The third round of payments again, being sent this week. “
For closing markets:
Chicago March Wheat futures yesterday closed up a penny and a half to $5.57 ¼.
Kansas City Hard Red Winter Wheat up just a half cent to $4.67 ¼.
March Corn up $0.03 ½ to $3.82 ¼.
Portland prices for soft white wheat of ordinary protein mixed yesterday. Bids now range from $6.20 to $6.35.
Club Wheat of Ordinary Protein mixed as well ranging from $6.35 to $7.95.
Dark Northern Spring wheat prices down a penny and a quarter ranging from $6.66 ¾ to $7.01 ¾ for 14% protein.
Live Cattle futures were down. $0.07 ½ off the April board to $120.65. March Feeder Cattle fared better up $0.85 to $137.50.
Class III milk up $0.11 yesterday to $17.03.