Wittal: Pressure continues on wheat

June 8 — U.S. financial markets were mixed today with limited movement as the U.S. dollar continues to rise.

The Canadian dollar closed up 0.04 cents at US89.45 cents today.

The Dow Jones June quote closed down 14 points today, at 8,755.

Crude oil finished down 72 cents, closing at US$68.09 per barrel.

Corn finished down eight to 10 cents a bushel today, while beans finished up seven to down 10 cents a bushel.

Wheat finished down 22 to 27 cents per bushel on the various U.S. exchanges today. Minneapolis July wheat futures ended down 25 cents per bushel today.

Canola finished even to down $4 per tonne for the day, while barley finished unchanged at $168 per tonne.

Beneficial rain in some of the U.S. Midwest prompted traders to take profits in the corn markets on the old adage: “Rain makes grain.”

Wheat futures continue to be under pressure from overall world inventory numbers.

That’s all for today. — Brian

— Brian Wittal has spent over 27 years in the grain industry, including as an elevator manager and producer services representative for Alberta Wheat Pool, a regional sales manager for AgPro Grain and farm business representative for the Canadian Wheat Board, where he helped design some of the new pricing programs. He also operates his own company providing marketing and risk management advice for Prairie grain producers. Brian’s daily commentaries focus on how domestic and world market conditions affect you directly as grain producers.

Brian welcomes feedback and information on market conditions in your area, such as current offering prices, basis levels, trucking premiums and special crops contracts. Contact Brian today.

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