Grains Fall to End the Week
Markets were weaker going home on Friday especially in wheat. Here’s Virginia McGathey with more details.
McGathey… “Corn slip today as well. Those May and June gains are completely gone. And right now futures are threatening that April low of $3.15 after such a big sell off yesterday. But right now, the challenges with the resurgence of the virus is really weighing heavy on the grain market. Wheat had a sharp drop today. New contract lows since September of 2019. Down 16 cents. It just seems like all the outside markets and the fallout from corn and soybeans is really weighing on that wheat market as well. And I think that the COVID-19 problem and the expansion just has everyone concerned about demand growth. Will there be any or not? I think this volatility was really expected before the report.”
Chicago July Wheat futures closed down $0.12 ½ to $4.74.
Kansas City Hard Red Winter Wheat down $0.08 ½ to $4.21 ¼.
July Corn closed down just a half cent to $3.17.
Portland prices for soft white wheat of ordinary protein down $0.05 ranging from $5.70 to $5.75.
Club Wheat of Ordinary Protein down $0.10 ranging from $5.70 to $7.50.
Dark Northern Spring wheat prices dropped $0.12 ½ ranging from $6.08 ½ to $6.38 ½ for 14% protein.
Class III milk back up on Friday $0.70 to $21.64.