Dollar Strength Negative for Grains
Grain markets ended the week in negative territory last week on a strong U.S. dollar and good planting progress. Here’s Virginia McGathey with details.
McGathey… “Wheat also did drop down and it was double digits lower. Actually pretty strong. That overflow selling from corn and soybeans was definitely having an effect on the market. I think the momentum was a little bit lower. That range was from $5.35 to $5.61, now that's the July range on that market, but today, even though the market fell pretty hard, it still stayed inside that range, so that's good. The U S dollar index is a little bit higher, putting a little bit pressure on the market, and it's been higher basically for the week, even though today it was a little bit lower. But those are things that are affecting these markets.”
Chicago May Wheat futures yesterday closed down $0.20 ¼ to $5.26 ½.
Kansas City Hard Red Winter Wheat down $0.10 ½ to $4.74 ½.
May Corn closed down $0.03 ½ to $3.15 ½.
Portland prices for soft white wheat of ordinary protein down a nickel ranging from $6.13 to $6.20.
Club Wheat of Ordinary Protein down $0.08 ranging from $6.20 to $7.88.
Dark Northern Spring wheat prices down $0.06 ½ ranging from $6.29 to $6.59 for 14% protein.
Live Cattle futures were down just $0.30 on the June board to $82.62 ½. Feeder Cattle for May up $0.17 ½ to $117.45.
Class III milk yesterday up $0.12 to $10.80.