Wheat Rallies After Long Weekend
Yesterday we brought you a report about watching for marketing opportunities. The wheat market may have provided a marketing opportunity for some with an impressive rally yesterday.
What’s driving the rally is not completely clear. It could have something to do with the Chinese commodity markets being sharply higher over the weekend. News from the United Nations about massive locust migrations was partially responsible for moving those markets.
China also granted tariff exemptions on several agricultural commodities, including wheat. This shouldn’t be a big surprise, but it may also be affecting the U.S. traders’ sentiments.
In closing markets:
Chicago March Wheat futures yesterday closed up $0.24 to $5.66 ½.
Kansas City Hard Red Winter Wheat up $0.20 ¼ to $4.85 ½.
March Corn closed up $0.05 ¼ to $3.83.
Portland prices for soft white wheat of ordinary protein up a couple cents ranging from $6.20 to $6.25.
Club Wheat of Ordinary Protein also up a couple ranging from $6.25 to $7.95.
Dark Northern Spring wheat up sharply between $0.14 ½ and $0.24 ½. Those bids now range from $6.75 to $7.20 for 14% protein.
Live Cattle futures were up $0.27 ½ on the April board to $120.60. March Feeder Cattle up $0.77 ½ to $139.30.
Class III milk yesterday unchanged at $17.01.