USDA Releases Crop Reports on Friday
I'm KayDee Gilkey with the Market Line Report for Monday, June 12th. From the floor of the CME Group here is Virginia McGathey with how the USDA reports affected Friday's markets.
McGathey: "The wheat was a little bit lower when the market came in. Actually that bounced around somewhat as the wheat supplies were much larger than we expected but it really wasn't a whopper of a number. Sent some of the wheat a little bit lower but it rallied back. So that tells us that it is very possible that some of the damage we expected in the crop — certainly the spring wheat — in Minneapolis the information hasn't come down the pipeline yet and when it does we will be able to understand exactly how much damage there was to that crop."
Chicago July Wheat prices closed Friday down 3 and 1/2 cents at 4-45 and 3/4. July corn ended the day up 2 cents at 3-87 and 3/4.
Portland prices for June soft white wheat of ordinary protein ended the day down 3 and 1/4 to 3 and 1/2 cents ranging from 4-65 and 3/4 to 4-91. Hard Red Winter wheat with 11.5% protein prices for June were down 2 and 1/4 cents ranging from 5-26 and 1/2 to 5-46 and 1/2. June DNS wheat with 14 % protein prices were up 2 and 1/4 cents ranging from 7-06 and 1/2 to 7-21 and 1/2.
August live cattle were down 17 and half cents on Friday at 123-85. August feeder cattle were up 22 and half cents at 154-17 and half. July class III milk was up 2 cents at 16-55.
