Russia News Boosts Wheat Markets
Markets seemed a bit unphazed by the USDA’s announcement of $16B in direct farm payments, but news from Russia sent the wheat market higher. Here’s Virgnia McGathey.
McGathey… “Now that we did jump up double digits, the surprise is that Russia did lower their forecast for the 2020 year. And that gave a big boost to the wheat. Now, the marketing year does begin June 1st. Interestingly enough, though, the black sea region is definitely having better weather there. The funds are really short, a lot of the wheat, but withstanding all that, the market did get a little bit of a run.”
In closing markets:
Chicago July Wheat futures yesterday closed up $0.15 to $5.13 ½.
Kansas City Hard Red Winter Wheat up $0.11 ½ to $4.53 ¼.
July Corn closed down $0.01 ½ to $3.19 ½.
Portland prices for soft white wheat of ordinary protein unchanged on the day ranging from $6.07 to $6.09.
Club Wheat of Ordinary Protein steady as well ranging from $6.07 to $7.84.
Dark Northern Spring wheat up sharply $0.12 ¼ ranging from $6.25 ½ to $6.80 ½ for 14% protein.
Live Cattle futures were down $0.37 ½ on the June board to $98.40. Feeder Cattle for August down $2.92 ½ to $129.
Class III milk continued to make gains yesterday. June futures were up $0.43 to $17.71.