Wheat with a strong day on Wednesday. We keep talking about its bearish fundamentals, but it continues to surprise. Here’s Virginia McGathey.
McGathey…. “Wheat did rebound today. That technical buying and futures is really. keeping it in the channel from $5.20 to $5.50, most of the news is actually bearish, but wheat has had some technical buying and helping the market up. We're going to watch that closely. I think that has a lot more room to have more volatility coming ahead.”
In closing markets:
Chicago September Wheat futures gained $0.09 ¼ to $5.32 ½.
Kansas City Hard Red Winter Wheat up $0.09 to $4.45 ½.
September Corn closed down $0.04 ½ to $3.15 ½.
Portland prices for soft white wheat of ordinary protein mixed yesterday. The August bid stands at $5.75.
The low end of the bids on the Club Wheat of Ordinary Protein came up to meet the high end. That market now ranging from $7.35 to $7.50.
Dark Northern Spring wheat prices down about a nickel ranging from $6.06 to $6.16 for 14% protein.
Live Cattle futures were up another $0.55 on the August board to $101.45. Feeder Cattle for August up $1.27 ½ to $141.97 ½.
Class III milk for August down $0.75 to $21.16 .