Russia Cuts Production Again
Big rally in the wheat market on Wednesday. The strength followed the stock market up and kept going on news of Russia cutting their crop outlook again. Here’s Virginia McGathey with more details.
McGathey… “Now wheat did rally today. That was the big winner up over 20 cents. Russia cut their crop estimate again, and that really gave the market a big boost. So we're well beyond what our original objective was. But I think that all that does add more pressure to the upside of this market. So I don't know that there's any end in sight right now, but as long as we have continued follow through buying, we're going to see the market continue to rise.”
In closing markets:
Chicago September Wheat futures closed up $0.24 to $5.50 ½.
Kansas City Hard Red Winter Wheat up $0.17 ¼ to $4.59 ½.
September Corn closed up just a quarter of a cent to
Portland prices unchanged on the soft white wheat and club wheat. But dark northern spring wheat popped $0.09. Now ranging from $6.22 ¾ to $6.42 ¾ for 14% protein.
Live Cattle futures rallied $2.50 on the August board to $101.30. Feeder Cattle for August rallied as well $2.70 to $139.42 ½.
Class III milk yesterday went the opposite direction, down $0.75 to $22.34.