June WASDE Report
The June WASDE Report was released by the USDA yesterday. Some thought it might be a market mover, but the estimates came in as expected. Very little market movement to either direction in Thursday’s trade.
Wheat ended the day weaker but that likely had more to do with the dollar index being stronger. Crude oil was also weaker on concerns of the potential for a second wave of coronavirus cases.
With the report now in the rearview mirror, the trade will turn its attention to the developing crop, which has generally been off to a strong start.
In closing markets yesterday:
Chicago July Wheat futures yesterday closed down $0.07 now below the $5 mark to $4.99 ¼.
Kansas City Hard Red Winter Wheat down $0.10 ½ to $4.47.
July Corn actually closed up $0.03 ½ to $3.29 ½.
Portland prices for soft white wheat of ordinary protein unchanged on the day yesterday ranging from $5.80 to $5.95.
Club Wheat of Ordinary Protein unchanged as well still ranging from $5.85 to $7.55.
Dark Northern Spring wheat prices did fall $0.06 ¼ now ranging from $6.23 ¼ to $6.63 ¼ for 14% protein.
Over to the cattle: Live Cattle futures were down just $0.05 on the August board to $96.45. Feeder Cattle for August down $0.50 to $132.17 ½.
Class III milk fell again yesterday down $.45 on the July board to $18.91.