Prices Decline due to Crop Progress
Grains continue to slide as crops seem to be progressing even better than expected. Standard Grain’s Joe Vaclavik shared the details on his “Grain Markets and Other Stuff” Podcast.
Vaclavik… “So what you've got here is a situation where traders and analysts are going to update their yield models or already have, to account for these better crop ratings. Which will lead them to the conclusion that the yield is going to be better than what they had originally anticipated. So those traders and analysts who were working with the corn yield say at 180, maybe now they're thinking maybe it's a 181 or 182. And you could say something similar about the soybeans. That's not set in stone, that's not gospel, but that's what a lot of the people are thinking here this morning.”
Chicago September Wheat futures closed down $0.04 ¼ to $5.23 ½.
Kansas City Hard Red Winter Wheat down $0.02 ½ to $4.36 ½.
September Corn closed down $0.05 to $3.20.
Portland prices for soft white wheat of ordinary protein unchanged yesterday ranging from $5.75 to $5.78.
Club Wheat of Ordinary Protein also steady ranging from $5.78 to $7.50.
Dark Northern Spring wheat prices down $0.01 ¾ ranging from $6.01 ¼ to $6.21 ¼ for 14% protein.
Live Cattle futures were up $0.47 ½ on the August board to $100.90. Feeder Cattle for August back up $1.35 after Tuesdays losses to $140.70.
Class III milk for August down $.20 to $21.91.