Markets Feel More Stable
The tone is starting to feel a little more stable in the commodity markets on Wednesday, but wheat was still down on favorable weather. Virginia McGathey has more.
McGathey… “All the markets across the board are starting to stabilize somewhat, as the uncertainty just seems to be falling away just for the time being. Now wheat futures did fall. And they're basically tied to the global market. There has been good rains in the Ukraine and in Russia, in the Black Sea region, putting their prices so much lower, and it's just so difficult for us to compete with them. So, I think that that's what's really pressing the market lower. And it looks like we're really trying to make a run for that $5 benchmark.”
In closing markets:
Chicago May Wheat futures yesterday closed down $0.07 ¼ to $5.19 ½.
Kansas City Hard Red Winter Wheat down $0.06 ½ to $4.67 ½.
May Corn closed up $0.01 ½ to $3.04 ½.
Portland prices for soft white wheat of ordinary protein down a few cents yesterday ranging from $6.10 to $6.12.
Club Wheat of Ordinary Protein down a nickel ranging from $6.10 to $7.87.
Dark Northern Spring wheat prices down $0.07 ¼ ranging from $6.22 to $6.52 for 14% protein.
Live Cattle futures were down $0.42 ½ on the June board to $84.27 ½. Feeder Cattle for May up $0.05 to $118.55.
Class III milk yesterday up $0.51 to $12.63.