China Buys New Crop Soybeans
China bought more new crop soybeans yesterday. Farmers hope this is a sign of things to come for China’s appetite for U.S. commodities. Here’s Scott Shellady with more.
Shellady… “We saw another 132 million metric tons sold to China. Hey, at least there's some demand there, right? That's going to be some good news and that's going to keep some of the bears on the run here. And you know, let's talk about the funds: they're still long. Is that good or bad? Well, it's not that huge of a number. So 65,000 contracts as of last Tuesday. We've got some decent levels to both the upside and downside, which if we can breach them are going to give us a good short term map about where this market is going to be headed over the next few days and weeks.”
Chicago September Wheat futures yesterday closed down $0.05 to $5.29 ½.
Kansas City Hard Red Winter Wheat dropped $0.07 ¼ to $4.41 ¼.
September Corn steady on Thursday up just a half cent to $3.28.
Portland prices mostly unchanged. Soft white wheat of ordinary protein still ranging from $5.75 to $5.80.
Club Wheat of Ordinary Protein still $5.75 to $7.55.
Dark Northern Spring wheat did fall $0.04 ¾ now ranging from $6.05 to $6.25 for 14% protein.
Live Cattle futures were down $0.65 on the August board to $100.85. Feeder Cattle for August up $0.50 to $142.02 ½.
Class III milk yesterday dropped another $0.26 yesterday to $22.50.