Bearish Fundamentals

Tim Hammerich

News Reporter

Not a lot of good news in the markets to start the week on Monday. Most futures were in negative territory, especially the wheat, reports Viriginia McGathey.

McGathey… “Wheat today was the one that really fell and it was a lot lower. I think world stocks are still very, very strong and they remain really high. I think that there are some issues here in the U.S. but overall there is a bearish sentiment and it's difficult to, you know, move this market any higher without having an increase in demand or perhaps some kind of malady with the weather. We've been watching the weather for a long time now. For the past number of weeks, and everything seems to be good, albeit really hot. But as long as we have the moisture continue to come, I think, you know, that's a perfect recipe for a great crop. So that's what we're going to be watching going forward.”

In closing markets:

Chicago September Wheat futures dropped $0.11 ½ to $5.27 ½.

Kansas City Hard Red Winter Wheat down $0.10 to $4.39 ½.

September Corn closed down $0.01 ¼ to $3.25.

Portland prices for soft white wheat of ordinary protein down $0.03 ranging from $5.75 to $5.78.

Club Wheat of Ordinary Protein down a nickel ranging from $5.78 to $7.50.

Dark Northern Spring wheat prices down $0.07 ¼ ranging from $6.03 to $6.23 for 14% protein.

Live Cattle futures were down $0.90 on the August board to $100.42 ½. Feeder Cattle for August down $2.70 to $139.35.

Class III milk yesterday up $0.36 to $22.11.