Wheat Market Mostly Steady

Wheat Market Mostly Steady

I'm KayDee Gilkey with the Market Line Report for June 14, 2012.

Wheat futures saw trade on both sides of unchanged Wednesday, but bears gained the upper hand heading into the close. From the floor of the CME Group, Scott Shellady shares his observations of Wednesday’s markets.

Shellady: “We had the corn market mixed in the front July contract up, the rest of other contracts down, then we have wheat unchanged on the day. Now we’ve got the rest of the market kinda in a holding pattern. Even though it has nothing to do with corn, wheat and beans, we’ve got to watch what happens in Greece this weekend.”

Chicago July Wheat ended Wednesday unchanged at 6-16. July corn ended the day up 8 and 1/2 cents at 5-92 and 1/2.

Portland prices for soft white wheat and club wheat were unchanged at mostly 6-66. Hard Red Winter Wheat with 11.5 pct protein prices were steady at mostly 7-19. DNS wheat with 14 pct protein prices were down 7 to 10 cents at mostly 8-85.

August cattle closed sharply lower on the session and saw new lows for the session late in on Wednesday. The marker pushed sharply lower on the day after weak retail sales news this morning and the market added to the hefty mid-session losses late in the day.
August live cattle ended down $2.33 at 117.98. August Feeder cattle were down $2.80 at 158-35. July class III milk was down 15 cents at 16-56.

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