Wheat Under Pressure

Wheat Under Pressure

Wheat Under Pressure

I'm Lacy Gray. This is Market Line.

While most grain prices are up wheat continues to flounder. According to Todd Horwitz with Average Joe Options wheat is under an extreme amount of pressure.

HORWITZ: Wheat somewhere around the 5.38, 5.35. Although 5.35 would be a new low, but I think wheat has been obviously beaten down and trashed with reckless abandon. It has come down in just the last couple of weeks from 7.44 down to 5.38, so certainly we can see it's under an extreme amount of pressure. But I think at some point we're going to see some actual buying and as the Ukraine mess is over I think we're going to see a little bit of buy in.

Now checking some closing prices from yesterday:

Chicago September Wheat ended Wednesday up a 1/4 cent at 5.38.

September corn ended the day up 4 and a 1/4 cents at 3.78 1/4.

Portland prices for soft white wheat were up a quarter to unchanged at mostly 6.74 3/4.

White club wheat prices were up a quarter to down .75 at mostly 7.25 1/4

Hard Red Winter wheat with 11.5 percent protein prices were down 1.75 at mostly 7.32 1/4.

Dark Northern Spring wheat with 14 percent protein prices were down 2.50 at mostly 8.11.

August live cattle were down 90 at 147.67 1/2

August Feeder cattle were down 1.70 at 209.82 1/2

August class III milk was up a quarter at 21.27.

I'm Lacy Gray and you've been listening to Market Line on the Ag Information Network

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