Corn Planting Weather Favorable
Corn planting weather has been favorable in the midwest. This is a double-edged sword because while it’s great for farmers, it leaves no room for a weather-related rally in the corn futures. Scott Shellady has more.
Shellady…”Corn, seen a nice steep decline - or not a nice steep - a steep decline over the last few months. If we're going to see anything help corn out, maybe it could be mother nature. But right now planting is going pretty well and mother nature is complying, so we can't really have all of our chips in that basket right now because things are going so far, to plan. That doesn't mean they can't, but right now that's just the way it is. Part of that big decline is we've got ethanol. We've seen things get hurt over there, and we use a lot of corn for ethanol.”
July Corn did end up rebounding off the lows up $0.01 ½ to $3.17.
Chicago July Wheat futures closed up a penny and a quarter to $5.20 ½.
Kansas City Hard Red Winter Wheat down $0.03 to $4.84.
Portland prices for soft white wheat of ordinary protein not moving much yesterday still ranging from $6.00 to $6.08.
Same with the Club Wheat of Ordinary Protein - still $6.00 to $7.83.
Dark Northern Spring wheat prices up a couple ranging from $6.18 ¼ to $6.70 ¼ for 14% protein.
Live Cattle futures were down $1.60 on the June board to $86.47 ½. Feeder Cattle for August down $0.72 ½ to $128.25.
Class III milk yesterday on the July board going the right direction again up another $0.69 to $13.63.