Harvest Pressure Limiting Wheat Market
The wheat market not moving much to start the week. Virginia McGathey says harvest pressure seems to be limiting the upside.
McGathey… “The wheat today was steady. Harvest pressure is definitely putting a cap on the prices right now. Weather has been good for wheat and there's been other positives actually in the markets with the U.S. dollar, giving us a little bit more ability to be competitive around the world. That could be helpful if we start looking at the grand scheme of things. Right now, if anything comes out of China, that would be definitely positive. But for sure, the weather is our focus. Everything else is pretty much on the back burner and we're going to watch this for the foreseeable future from now on.”
Chicago September Wheat futures closed up a penny and a quarter to $4.93 ¼.
Kansas City Hard Red Winter Wheat up $0.04 ½ to $4.38 ½.
September Corn closed up $0.03 to $3.46 ½.
Portland prices for soft white wheat of ordinary protein up $0.03 yesterday ranging from $5.78 to $5.80.
Club Wheat of Ordinary Protein up $0.05 ranging from $5.80 to $7.53.
Dark Northern Spring wheat prices up $0.02 ½ ranging from $6.08 ¾ to $6.27 ¾ for 14% protein.
Live Cattle futures were up $0.70 on the August board to $100.10. Feeder Cattle for August up $1.27 ½ to $136.15.
Class III milk yesterday up another $0.69 to $21.64.