Chicago Wheat Lifts Grains Higher
September Chicago wheat closed up 24 cents Wednesday, sending shorts running for cover as SRW wheat faces a bullish supply situation in 2020. Even with rain falling in Iowa and Illinois, December corn received enough help from wheat to end up 1/4 cent and November soybeans closed up 5 1/4 cents.
Cattle Contracts Jumped Higher
Heading into the second half of the week, cattle contracts have been motivated to press higher. Producers are hoping the complex won't simply give it all away.
Soybean Complex Turns Higher Tuesday
Soybeans recovered Tuesday to close higher with meal and oil closing higher as well.
Cheese Demand Holds Strong
Class III milk futures took a large hit Wednesday with August and September limit down. This means there will be expanded limits Thursday of $1.50. Reports are that there are numerous plants that are running close to capacity with sufficient milk available for demand.
Ethanol Futures Lower Again Wednesday
August ethanol futures closed down 2.8 cents at $1.205 Wednesday and September was down 2.8 cents at $1.170. September corn closed up 1/4 cent at $3.26 1/4 and December corn was up 1/4 cent at $3.34.
As Temps Rise, Retail Fertilizer Prices Continue to Fall
Average retail prices for all eight major fertilizers were lower the first week of July 2020 for the fifth consecutive week.
Cotton Lower on Corrective Selling
The cotton market posted a third day down as traders and speculators booked profits, as well as initiated outright short positions.
Wheat Leads Grains Higher on Possible Chinese Demand
SRW closed 16 1/4 to 21 cents higher, spring wheat settled 8 1/4 to 9 cents higher, soybeans ended 3 to 8 1/4 cents lower, canola ended $0.60/mt to $1.40/mt lower, while corn ended unchanged to 1/4 cent higher.