Wheat Lower on Bearish Fundamentals
Wheat futures dropped to start the week on Monday. The market had enjoyed recent rallies despite some bearish underlying fundamentals. Virginia McGathey says the sentiment amongst many traders is not bullish.
McGathey… “Wheat was the big one today that it fell again. A bear's fundamentals are just taking hold of the market. Now we knew that there was a lot of bearish issues going on, and yet the market turned around. Right now, volatility has really come crashing down, but one thing for sure, there's still going to be plenty of volatility. And, weather is it's going to be the focus going forward, at least for the next couple of weeks.”
Chicago September Wheat futures yesterday closed down $0.12 ½ to $5.22.
Kansas City Hard Red Winter Wheat down $0.13 ½ to $4.35.
September Corn dropped $0.04 ½ to $3.28 ¼.
Portland prices for soft white wheat of ordinary protein down a nickel yesterday ranging from $5.75 to $5.80.
Club Wheat of Ordinary Protein down as much as $0.10 on the bids ranging from $5.75 to $7.55.
Dark Northern Spring wheat prices dropped $0.06 ¼ ranging from $6.01 ½ to $6.21 ½ for 14% protein.
Live Cattle futures were down $1 on the August board to $102.27 ½ following some weakness in the cash market. Feeder Cattle for August down $1.10 to $141.60.
Class III milk back up yesterday $0.66 to $23.15.