Wheat and Cattle Rally to Start the Week
Wheat and cattle both posting big gains on Monday. From the floor of the CME in Chicago, here’s Virginia McGathey.
McGathey… “Wheat really rallied and the Russian announcement that they were going to suspend exports, I think was really driving the market today and wheat was really leading the charge. As you see what happened that wheat dipped down past right through the $5 support level, and then turned right around and came right back. So what does that tell us? That benchmark of $5 really was very strong. I do find it interesting that wheat of all the commodities, is what we have most plentiful, really around the world. And yet during this global pandemic, it seems that everyone is kind of going for flour and pastas and breads. It's just setting aside the fundamental fact that we do have a lot of supplies and now everyone's coming for these markets.”
Chicago May Wheat futures yesterday closed up $0.23 ¼ to $5.62 ½.
May Corn down just a quarter cent to $3.43 ½.
Portland prices up $0.15 on the soft white wheat and club wheat of ordinary protein.
Dark Northern Spring wheat prices up $0.09 ¼.
Live Cattle futures were up the $3 limit on the April board to $101.65. Feeder Cattle up limit as well $4.50 to $123.32 ½.
Class III milk up $0.03 to $16.08.