U.S. Wheat Not Competitive on the Global Market
Markets were relatively calm on Friday to end the week. From her home trading office in Chicago, here’s Virginia McGathey.
McGathey… “Wheat was mixed today and it looked like it was starting a little bit lower. And I think that the futures, we're really trying to recover the losses from the week, and it ended up closing up about 4 cents. So that was kind of helpful. But the trend for all the wheat markets from Kansas city and Minneapolis are all pretty much sideways right now. The U S dollar is kind of a steady and firm, and I think that maybe still keeps us non-competitive worldwide. In closing markets, Chicago may wheat futures closed up three and a half cents to five 33 and a half.”
Chicago May Wheat futures yesterday closed up $0.03 ½ to $5.33 ½.
Kansas City Hard Red Winter Wheat up $0.08 ½ to $4.79 ½.
May Corn closed up $0.02 ½ to $3.22 ¼.
Portland prices unchanged soft white wheat of ordinary protein still $6.07 to $6.10.
Club Wheat unchanged as well. Still $6.10 to $7.82.
Dark Northern Spring wheat prices up just a half of a cent ranging from $6.36 ¾ to $6.66 ¾ for 14% protein.
Live Cattle futures were down $0.17 ½ on the June board to $86.30. Feeder Cattle for May up $0.80 to $119.27 ½.
Class III milk on Friday up $0.08 to $11.10.