Wheat Weakens to End the Week
Wheat was having a pretty good week last week but fell heading into the Memorial Day Weekend. Virginia McGathey has more.
McGathey… “Wheat did fall today. Those global projections are the real issues, so the markets marching right back to the $5 benchmark number, which we've been talking about is like a magnet for the wheat contract. And globally we do have plenty of supplies. I think that early week rally just gave traders an opportunity to take some of the profit off the table and with a long weekend and uncertainty, of course, that was definitely going to happen.”
In closing markets:
Chicago July Wheat futures yesterday closed down $0.07 ¼ to $5.08 ½.
Kansas City Hard Red Winter Wheat down $0.10 to $4.44 ½.
July Corn closed up just a quarter of a cent to $3.18.
Portland prices for soft white wheat of ordinary protein closed the week down $0.07 ranging from $6.00 to $6.07.
Club Wheat of Ordinary Protein lower as well ranging from $6.07 to $7.75.
Dark Northern Spring wheat prices down a nickel ranging from $6.18 to $6.73 for 14% protein.
Live Cattle futures were down $1.10 on the June board to $97.70. Feeder Cattle for August down $0.07 ½ to $128.80.
Class III milk Friday fell $0.60 to $17.03.