Wheat Market Benefits from Rallies in Corn and Soybeans
Corn and soybeans pulling the wheat market up with them on Wednesday. Here’s Virginia McGathey with more.
McGathey… “That USDA surprise did spark that futures rally and with 3 million less acres weather is going to be more important than ever right now. And of course, with the forecast looking pretty hot for July, that's going to make a big difference right now. Wheat was firm today, but futures did hold near that $5 benchmark. The USDA report wasn't quite as positive as it was for corn and soybeans. So it was relatively a non-event, but there was some overflow buying right now. And there's some optimism, basically steadying the market, right at the $5 level. That seems to be fair value for the wheat traders for right now.”
Rolling over to the September futures on the Chicago Wheat, they closed up $0.07 to $4.98 ½.
September Corn closed up $0.09 to $3.50 ½.
Portland prices pretty steady for soft white wheat and club wheat of ordinary protein.
Dark Northern Spring was down $0.06 ¾ now ranging from $6.17 ½ to $6.42 ½ for 14% protein.
Live Cattle futures with signs of life on Wednesday, up $1.02 ½ on the August board to $97.30. Feeder Cattle for August up $0.22 ½ to $133.07 ½.
Class III milk for August up $0.66 to $20.41.