Markets Recoup WASDE Report Losses
The wheat market gained back much of the ground it lost on Tuesday following the February WASDE Report. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Wheat did rebound as well. It's regaining most of yesterday's losses. But all three exchanges were kind of following suit. Now, wheat, has really been the strongest commodity for the last maybe two and a half months. But it's now actually solidly in a downtrend. But don't count it out because whatever happens on Friday with China could definitely be the shot in the arm that all the commodities are looking for.”
Chicago March Wheat futures yesterday closed up $0.05 ½ to $5.47 ½.
Kansas City Hard Red Winter Wheat up $0.02 ½ to $4.71.
March Corn closed up $0.03 ¼ to $3.83.
Portland prices unchanged on Wednesday. Soft white wheat of ordinary protein stil ranging from $6.20 to $6.25.
Club Wheat of Ordinary Protein still $6.25 to $7.95.
Dark Northern Spring unchanged at $6.66 ¼ to $7.01 ¼ for 14% protein.
Live Cattle futures were up $0.67 ½ on the April board to $117.85. March Feeder Cattle up $0.37 ½ to $135.05.
Class III milk yesterday up $0.08 to $17.29.