Winter Wheat Crop Looking Good
The wheat market a little weaker today. This could have something to do with the U.S. winter wheat crop rating continuing to look good. Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “The U S winter wheat crop is rated 62% good to excellent. This was the first national crop rating of the year from USDA. That was compared with 60% last year. So that's a good overall rating. We don't have any major drought anywhere really. There's some dry areas in the far western plains, but outside of that, the winter wheat crop in fairly decent shape here. Wheat futures a lower, maybe that good crop rating has something to do with it. But the market overall, I mean, we're still well above the lows that we saw just in mid March, and we're off the highs, but the market has not acted terribly.”
Chicago May Wheat futures yesterday closed down $0.06 ½ to $5.49 ¼.
Kansas City Hard Red Winter Wheat down $0.02 ½ to $4.73 ¼.
May Corn closed up $0.03 ½ to $3.31 ½.
Portland prices unchanged for soft white wheat of ordinary protein at $6.05 to $6.10.
Also unchanged on club wheat at $6.05 to $7.85.
Dark Northern Spring wheat down $0.02 ¼ ranging from $6.59 ½ to $6.94 ½ for 14% protein.
Live Cattle futures were up the limit of $4.50 on the June board to $84.80. Feeder Cattle for May also up the limit of $4.50 to $113.80.
Class III milk with a positive day yesterday up $0.75 to $12.58.