Marketline Report Friday, June 30th
This is Bob Larson with the Market Line Report for Friday June 30th. Wheat prices continue their upward climb. From the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "The wheat market was sharply higher here on Thursday. We saw double digit gains across the board in Chicago, Minneapolis, and Kansas City futures. As a matter of fact, the Minneapolis futures traded more than 50 cents higher early this morning into some fresh multi-year highs. So, a lot of strength here. We've got a number of factors contributing to that strength. One of the big issues here is what's going on in the northern plains. We've had a developing draught in the Dakotas and other Spring Wheat growing areas and that's what's contributing to the rally in Minneapolis futures. You know, we've traded north of $7 this week in most of these Minneapolis futures contracts. It certainly looks as if we're going to run into a very very short crop. So, the market is discounting that and we're kind of in demand rationing mode here it seems."
Chicago July Wheat prices closed yesterday up 23 at 481 July corn ended the day up 3 at 359 ½
Portland prices for soft white wheat of Ordinary Protein for July ended the day up 22 ¾ ranging from 5-05 to 5-25 ¼ Hard Red Winter wheat with 11 ½ % protein, prices for July were up 19 ranging from 5-55 ½ to 5-70 ½ DNS wheat with 14 % protein, prices for July were up 36 ½ ranging from 8-51 ¼ to 8-56 ¼
Live Cattle for June were dn $.50 at 119.55 Aug Feeder cattle were up $.77 ½ at 146.85 July Class III milk was dn $.10 cents at 15-72.
