Wheat Loses All of Monday's Gains

Wheat Loses All of Monday’s Gains

I'm KayDee Gilkey with the Market Line Report for June 6, 2012.

A strong US dollar, good growing weather for the new crop and an active harvest for winter wheat helped to pressure the wheat market on Tuesday. From the floor of the CME Group, Greg Wagner with CWX Ag Advisor shares his observations of Tuesday’s markets.

Wagner: “If, and this is a big if, if we don’t get rain, if the weather forecast changes, we are going to get a very very quick change with the fundamental or the price response from both the corn and soybean market. We have a whole growing season ahead of us, stocks are tight both in soybean and corn right now and that is being reflected in the cash market and wheat is simply getting drug down by its own fundamentals as well as what is going on --it is kinda tied to the hip, so to speak, to the corn market.”

Chicago July Wheat ended Tuesday down 14 and 1/2 cents at 6-13 and 1/4. July corn ended the day down a 1/2 of cent at 5-67 and 1/2.

Portland prices for soft white wheat and club wheat ranged from up a nickel to down 10 cents at mostly 6-63. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 cents at mostly 7-18. DNS wheat with 14 pct protein prices were down 14 cents at mostly 8-71.

August live cattle ended down 78 cents at 119-20. August Feeder cattle were up 70 cents at 159-18. July class III milk was up 49 cents at 16-20.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.