Milk Rallies; Wheat Tries to Recover
A bit of a pop in the wheat market to start the week after sliding last week. Virginia McGathey continues to voice concern on the fundamental side due to large global stocks and a relatively strong dollar.
McGathey… “Now wheat did have a mini rebound after the market just was really pushing lower and lower. Because overall there's a lot of wheat out there. Russia did raise their crop estimates - that's bearish. The U.S. dollar was up, and then it started to pull back a little bit, but we're still at 97. I mean, these kind of numbers that make it difficult for us to be competitive on the wheat side. Option expiration is on Friday, so perhaps we're going to see a little bit of tail wagging the dog this week. But after that, it's all going to be about weather.”
Chicago July Wheat futures yesterday jumped $0.03 ½ to $4.85.
July Corn closed down $0.04 ¼ to $3.28 ¼.
Portland prices for soft white wheat of ordinary protein unchanged on the day, still posting $5.75 to $5.80.
Club Wheat of Ordinary Protein jumped $0.20 on the upper range of bidding. Now $5.80 to $7.50.
Dark Northern Spring wheat prices actually lower yesterday ranging from $6.28 ¾ to $6.58 ¾ for 14% protein.
Live Cattle futures still staying pretty close to home down $0.27 ½ on the August board to $95.12 ½. Feeder Cattle for August down $0.80 to $131.75.
What a day for Class III milk. July up $1.01 to $22.19.