Wheat Trades Lower on Improved Weather
Wheat markets weaker yesterday on improved weather forecasts in key growing regions around the globe. From her home trading office in Chicago, here’s Virginia McGathey.
McGathey… “Wheat also had a sharp drop today. I think that the futures just gave way to the weather issues that are happening in Russia and the Ukraine, and even in all of Europe. And if that was behind what that recent rally was, well, all that is off now. And the market for the third day in a row, really started to fall, and it slipped pretty well. And we got down to the five 30 Mark that tells me that we're trying to really push this market down to $5. It's going to be a really difficult to get this thing turned around anytime soon.”
Chicago May Wheat futures dropped $0.08 ½ to $5.40 ¼.
Kansas City Hard Red Winter Wheat down $0.04 ¼ to $4.79 ½.
May Corn closed down $0.06 ½ to $3.19 ¼.
Portland prices for soft white wheat of ordinary protein down $0.03 ranging from $6.07 to $6.10.
Club Wheat of Ordinary Protein slightly weaker ranging from $6.10 to $7.82.
Dark Northern Spring wheat down another $0.07 ranging from $6.44 to $6.74 for 14% protein.
Live Cattle futures were up $1.02 ½ on the June board to $84.82 ½. Feeder Cattle for May up $0.72 ½ to $115.57 ½.
Class III milk gained another $0.14 to $11.18 .