Wheat Trade Choppy But Ends Higher

Wheat futures trading higher for most of the day Thursday after the USDA report was considered bullish for wheat. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “We had a big USDA report that came out at 11 a.m. The one bullish surprise in the report today was in the wheat market. We saw a projection from new wheat crop carryout drop by quite a bit down to 576 million bushels which was well below trade expectations. The USDA increased their projection for wheat exports out of the U.S. There was a wire story out today that said that Chinese wheat imports would be the highest in nine years. So at lower prices, it looks like wheat demand from the U.S. is picking up a bit.”

Chicago September Wheat ended Thursday up 4 cents at 6-83. September corn ended the day up 7 cents at 5-60 and 3/4.

Portland prices for soft white wheat and club wheat were up 4 cents at 7-39 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down a half of a cent at mostly 8-18 and 1/2. DNS wheat with 14 pct protein prices were down 1 and 1/2 cents at mostly 8-75 and 1/4. ??

August live cattle were down 15 cents Thursday at 121-92 and half. August Feeder cattle were down 42 and half cents at 150-12 and half. August class III milk was down 23 cents at 17-80.