April WASDE Report
Markets are closed today in observance of Good Friday, so yesterday was not only the last trading day of the week, but also the April WASDE Report. Not a big market mover though, says Scott Shellady.
Shellady… “We had the WASDE report come out. That gave us a little bit more of an idea about what we're going to be getting in the markets this year. And it was nothing. Typically, we don't expect a big shocker this time of year. But interesting to see how the numbers, or at least how the markets took them. Corn prices are so low that there may be some switching to beans. And we've heard as much as say, even 3 million acres. So let's keep an eye on more bean acres. I mean, that's something that could come into play here. It's still really early. Obviously we haven't had any issues with mother nature yet. There's still these global macro things that are happening all over the place. But we have to keep mindful of those fundamental news things.”
Chicago May Wheat futures yesterday closed up $0.08 ¼ to $5.56 ½.
Kansas City Hard Red Winter Wheat up $0.14 to $4.92.
May Corn was up a penny and a half to $3.31 ½.
Portland Prices haven’t moved much this week. Soft white wheat of ordinary protein still ranging from $6.05 to $6.10.
Club Wheat of Ordinary Protein still $6.05 to $7.85.
Dark Northern Spring wheat was up $0.02 ½ ranging from $6.67 ½ to $7.02 ½ for 14% protein.
Live Cattle futures back down after rallying early this week. June futures down $2.30 to $84.37 ½. Feeder Cattle not hit as hard. May futures down $0.42 ½ to $118.95.
Class III milk for May dropped another $0.40 yesterday to $11.43.