Grain Markets Weaker to Begin the Week
Another brutal day for the grain markets on Monday. The USDA Report on Friday didn’t leave anyone with a more bullish feeling, and continued trade tensions with China are a factor. Here’s Virginia McGathey with an update on the wheat market.
McGathey… “The ending stocks did register on the lows from the hard red and the soft red wheat from 2008 to 2015. And yet the market was lower as it was actually pretty steady most of the day, but it just couldn't withstand the double digit losses by beans and corn. $5 still seems to be benchmark that we're going to be hanging around for awhile for the wheat contract. But even today, Kansas City and Minneapolis wheat were also on the downside today. Let's see if we can get a turnaround Tuesday tomorrow.”
In closing markets:
Chicago September Wheat futures yesterday closed down $0.09 ¼ to $5.24 ½.
Kansas City Hard Red Winter Wheat down $0.03 to $4.49.
September Corn closed down $0.08 ½ to $3.28 ½.
Portland prices for soft white wheat of ordinary protein down as much as $0.08 ranging from $5.78 to $5.80.
Club Wheat of Ordinary Protein weaker as well, now ranging from $5.80 to $7.53.
Dark Northern Spring wheat dropped $0.07 ½ ranging from $6.13 ¾ to $6.33 ¾ for 14% protein.
Live Cattle futures was down $0.35 on the August board to $99.65. Feeder Cattle for August rallied $1.30 to $137.05.
Class III milk yesterday up another $0.36 to $23.40.