Russia to Suspend Exports
Well, after we reported yesterday that U.S. wheat was not competitive on the global market, Russia decided to suspend exports. Wheat was up sharply today. Cattle on the other hand, continue to struggle. Here’s Virginia McGathey.
McGathey… “Cattle was lower. Plant closers are hurting futures and really putting some pressure on it. The market didn't drop all that much, but it still is a little bit lower. I think the challenge is about the plant workers being able to keep these plants open, just make it difficult for everyone to keep the future's market alive really. And I think that with the crude oil drop, the idea of the economic slowdown could be more prevalent. Even though we are talking about opening the economy back up.”
Chicago May Wheat futures yesterday closed up $0.15 ¼ to $5.48 ½.
Kansas City Hard Red Winter Wheat up $0.16 ½ to $4.95 ¼.
May Corn closed down $0.08 to $3.14 ¼.
Portland prices for soft white wheat of ordinary protein up $0.08 to $6.15.
Club Wheat of Ordinary Protein up as well ranging from $6.15 to $7.90.
Dark Northern Spring wheat up $0.04 ranging from $6.40 ¾ to $6.70 ¾ for 14% protein.
Live Cattle futures were down $1.20 on the June board to $85.10. Feeder Cattle for May down $2 to $117.27 ½.
Class III milk dropped $0.19 yesterday to $10.91.