Markets Weaker Midweek
A lower day yesterday in the markets all the way around. Virginia McGathey has more.
McGathey… “Corn has slipped somewhat as well. That weather forecast is really good for crops. That's weighing on those prices. Traders are awaiting the acreage report, even though there is a possibility, it could be a little bit bearish. But the uptrend is still intact right now. It's worth mentioning that there has been an uptick in ethanol prices with margins improving. So that's been helpful across the board. Wheat today was lowered. The futures are just having trouble hanging onto the rebound, the recovery from the month long sell off.”
In closing markets:
Chicago July Wheat futures yesterday closed down $0.04 ½ to $4.81 ¼.
Kansas City Hard Red Winter Wheat down $0.03 ½ to $4.31 ¼.
July Corn closed down just a half cent to $3.24 ¼.
Portland prices for soft white wheat of ordinary protein unchanged yesterday, still ranging from $5.75 to $5.80.
Club Wheat of Ordinary Protein unchanged as well ranging from $5.80 to $7.50.
Dark Northern Spring wheat prices down a penny and a half ranging from $6.26 ¼ to $6.56 ¼ for 14% protein.
Live Cattle futures were down $0.85 on the August board to $96.35. Feeder Cattle for August down $0.32 ½ to $132.87 ½.
Class III milk yesterday down sharply yesterday. Down $0.75 to $21.56.