Wheat Fundamentals still Under Pressure
Another negative day in markets yesterday, where the best thing you could say about the markets is at least they weren’t down as hard as they were earlier in the week. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “The virus expansion is really stalling the futures right now. Wheat was mostly easier. It actually at one point was a little bit higher, but the markets have kind of reset for a downtrend. Now let's face it though, uncertainty is the trouble because of the stall in the pipeline and exports, even from around the world. There's also an increase of wheat supplies in Russia, and a number of other fundamental issues that would lend itself to this market moving a little bit lower.”
In closing markets yesterday:
Chicago March Wheat futures yesterday closed up a penny and a quarter to $5.40 ¼.
Kansas City Hard Red Winter Wheat down two a half to $4.52 ¼.
March Corn closed down $0.02 to $3.70 ½.
Portland prices for soft white wheat of ordinary protein down $0.03 yesterday ranging from $6.12 to $6.18.
Club Wheat of Ordinary Protein didn’t move still ranging from $6.15 to $7.93.
Dark Northern Spring wheat prices down just three quarters of a cent ranging from $6.50 ¼ to $6.95 ¼ for 14% protein.
Live Cattle futures were down another $0.60 on the April board to $112.35. March Feeder Cattle up $1.10 to $134.07 ½.
Class III milk slipped another $0.06 yesterday to $16.47.