Strength in Wheat Continues
Wheat continues to be the bright spot in ag commodity markets. From her home trading office in Chicago, here’s Virginia McGathey.
McGathey… “In the wheat market, it was up 12 and a half cents at one point, it was still rising. That Russia logistics problems is definitely having somewhat of an effect on the market. Let's not forget that in the southern plains there is some dryness there, so that's a real possibility. Other than that, some of the supply levels are still relatively high. Even though at the grocery store it looks like a lot of the shelves are empty. There's just been maybe more logistical problems with that. But it certainly looks like we has recovered somewhat and maybe it's going to help some of the grain markets as we go forward for the next couple of days.”
Chicago May Wheat futures yesterday closed up $ 0.06 ½ to $5.55 ½.
Kansas City Hard Red Winter Wheat up $0.03 ½ to $4.75 ½.
May Corn closed down $0.03 to $3.27 ½.
Portland prices for soft white wheat of ordinary protein unchanged yesterday ranging from $6.05 to $6.10.
Club Wheat of Ordinary Protein also unchanged ranging from $6.05 to $7.85.
Dark Northern Spring wheat up $0.02 ¼ from $6.61 ¾ to $6.96 ¾ for 14% protein.
Live Cattle futures were down $0.55 on the June board to $80.30. Feeder Cattle for May up $1.20 to $109.30.
Class III milk for May down $0.35 to $11.83.