Dollar Weakness Could Help Exports
Not much movement in grains ahead of the USDA report. World wheat stocks remain high but dollar weakness may help exports, says Virginia McGathey.
McGathey… “Wheat was steady today. Traders are just awaiting that USDA report. It's really holding that $5 support number right now. It's just kind of bouncing back and forth, really just staying within 10 cents of that number. We know that Australia has increased their wheat production estimates. So it looks like they are back from the trouble they've been having for the past couple of years and all the dryness. Also the U.S. dollar index is a little bit on the decline, that could really help all the grains somewhat. And we're hoping that that can definitely make us a little more competitive, around the world.”
In closing markets:
Chicago July Wheat futures yesterday closed up a penny and a half to $5.06 ½.
Kansas City Hard Red Winter Wheat down slightly to $4.57 ½.
July Corn closed down a penny and a quarter to $3.26 ¼.
Portland prices for soft white wheat of ordinary protein stronger yesterday ranging from $5.80 to $5.95.
Club Wheat of Ordinary Protein unchanged at $5.85 to $7.55.
Dark Northern Spring wheat prices down $0.04 ¾ ranging from $6.29 ½ to $6.69 ½ for 14% protein.
Live Cattle futures were down $1.30 on the August board to $96.50. Feeder Cattle for August down $1.57 ½ to $132.67 ½.
Rolling to July on the Class III milk futures down $0.24 to $19.36.