Wheat Markets Higher

Wheat futures tracked the corn market higher Monday but wheat/corn spreads turned lower. Row crop markets took the role as the upside leader to start the week on a warmer and drier Midwest forecast over the next 5 days. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Grain markets were up sharply higher today. Corn market up 15 to 20 and the wheat market a little bit softer but still firm, up anywhere from 4 to 5 to 6 to 7 cents across the board. Moving forward crop progress numbers out Monday afternoon. We’ve got another USDA Report that isn’t out until September 12th so we’ve got a lot of time to trade here til the next numbers from the USDA.”

Chicago September Wheat ended Monday up 10 and 1/4 cents 6-41 and 1/2 . September corn ended the day up 19 and 1/2 cents at 4-93 and 1/4.??Portland prices for soft white wheat were up 11 and 1/2 to 15 and 1/2 cents at mostly 7-33. White club wheat was up 10 and 1/2 to 15 cents at mostly 7-37. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 to 15 cents at mostly 8-17 and 1/4. DNS wheat with 14 pct protein prices were up 8 to 10 cents at mostly 8-50 and 1/4. ??October live cattle were up 15 cents Monday at 128-07 and half. September Feeder cattle were up 27 and half cents at 157-95. September class III milk was down 43 cents at 17-80.