Weather Puts Continued Pressure on Wheat Markets

Weather Puts Continued Pressure on Wheat Markets

I’m KayDee Gilkey with the Market Line Report for April 16, 2015.
Continued forecasts of more rains for the Plains is pressuring the wheat futures. From the floor of the CME Group, Virginia McGathey shares her observation of Wednesday’s markets.
McGathey: “Wednesday’s grain market was really a mixed bag. Corn is up a couple of cents. There is some concern that the wet weather is slowing the planting and perhaps some farmers may choose to move some of their acreage. Wheat on the other hand is still sinking into the sunset. It is below $5 and is comfortably there. The support level is about $4.86 we can see if it might test that market. Right now we are just going to need more information. It is all about the weather right now so we are watching closely as we approach the weekend.”
Chicago July Wheat ended Wednesday down 7 and 1/2 cents at 4-89. July corn ended the day up 2 cents at 3-83.
Portland prices for soft white wheat of ordinary protein were steady to down 6 and 1/4 cents at mostly 6-17 and 3/4. White club wheat of ordinary protein prices were steady to down 46 and 1/4 cents at mostly 8-10 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 7 and 1/4 cents at mostly 6-24 and 1/2. DNS wheat with 14 percent protein prices were down 8 and 3/4 cents at mostly 8-23 and 1/4.
June live cattle were up $1.25 on Wednesday at 151-67 and half. May Feeder cattle were up $1.62 and half at 212-42 and half. May class III milk was up 2 cents at 15-62.

 

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