Markets Weaker Ahead of February WASDE Report
Today is the day of the February WASDE Report, so we will see how the markets will respond to the updated USDA numbers. Markets started the week off down for the most part. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Wheat did slip today. Interestingly enough, it did fall almost 7 cents at one point, and started to stage a little bit of a comeback where, even in Minneapolis wheat, was higher on the day. But it's expected that the world stocks should decrease. So fundamentally that market is pretty good. But all three exchanges did give up ground originally to start the day. But we had somewhat a comeback like I had said. There is some conflicting issues. The U.S. dollar index is still really, really strong. There's some ideas overseas that the Black Sea production for wheat is going to be on the rise, and that definitely will hurt these markets. That's why I think that we're seeing the markets really choppy.”
Chicago March Wheat futures yesterday closed down $0.06 ½ to $5.52.
Kansas City Hard Red Winter Wheat ended the day unchanged at $4.72 ½.
March Corn closed down a penny and a half to $3.81 ½.
Portland prices unchanged. Soft white wheat of ordinary protein still ranging from $6.20 to $6.35.
Club Wheat of Ordinary Protein sticking at $6.35 to $7.95.
Dark Northern Spring wheat down $0.02 ranging from $6.68 ¾ to $7.03 ¾ for 14% protein.
Live Cattle futures down. $1.12 ½ on the April board to $118.67 ½. March Feeder Cattle up $0.50 to $135.70.
Class III milk yesterday down $0.13 to $17.29.