Positive territory across the board on Thursday. Wheat closed the day up double-digits. Still not much reason to believe it’s part of a broader upward trend though, says Standard Grain’s Joe Vaclavik.
Vaclavik… “The wheat market has been kind of, I'd call it a sloppy kind of directionless trade. We're higher here this morning, but these winter wheat contracts still well removed from their April highs. You've got a weaker U.S. dollar, although it is a little bit higher this morning. You've got a forthcoming U.S. harvest and lackluster export demand. So we're just trading some bigger ranges here, but still, I can't really identify a trend. I mean, I guess you could argue maybe it's been lower since mid-April, but, more of a sideways kind of sloppy action here.”
In closing markets:
Chicago July Wheat futures yesterday closed up $0.11 ½ to $5.23 ½.
Kansas City Hard Red Winter Wheat up $0.14 ½ to $4.72 ¼.
July Corn closed up a nickel to $3.29.
Portland prices for soft white wheat of ordinary protein up slightly, now ranging from $5.90 to $6.05.
Same on the club wheat of ordinary protein, $5.90 to $7.80.
Dark Northern Spring wheat prices up $0.06 ranging from $6.36 ¼ to $6.76 ¼ for 14% protein.
Live Cattle futures were up $0.57 ½ on the August board
to $97.92 ½. Feeder Cattle for August up $0.50 to $134.72 ½.
Class III milk still strong, up $0.38 to $20.21.