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Weekend market report: Corn still up, wheat lagging

By: Jake Putnam
Published in Podcast on  January 22, 2021

Good Friday morning…

It’s a cool 27 degrees this morning in the Treasure Valley, Its 25 in Poky, 22 in IF.  In Northern Idaho, it’s 19 and clear this morning in CDA and a bit colder in Sandpoint.

On to the markets:

Corn futures still climbing upwards, Front-month corn futures prices are up 2 to 3 cents following three down days. Mar 21 Corn opens at $5.24, up 2 1/4 cents,  

The wheat/corn spread is tightening as corn futures recover and wheat prices slide further.

 Mar 21 CBOT Wheat is at $6.61, down 6 3/4 cents,
 Mar 21 KCBT Wheat is at $6.35, down 2 cents,
 Mar 21 MGEX Wheat is at $6.33 1/2, down 4 cents,

Local wheat still lagging behind the midwest lows and report gains across the board:

Blackfoot 
| - Soft White Wheat | 5.23 | up 6
| - Hard Red Winter | 5.95 | up 7
| - DNS 14% | 6.00 | up 3
| - Hard White | 5.95 | up 7

 Milk inching up, now trading at  $16.18 per hundredweight this morning, up 2 cents from Thursday.

Front-month live cattle futures are gaining 47 to 85 cents this morning. Feb futures are only up to $.75 cents as the week’s early cash trade is weaker. Feeder cattle futures are up triple digits at $0.35 to $1.30 gains. The CME Feeder Cattle Index is $.51 cents lighter at $132.90. The bulk of the week’s cash trade has been 50cents to a buck weaker, with most trades near $110 so far.

Idaho Hay, supreme quality trading at  $190, good quality going for $150 feeder demand picking up.

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