Corn Spillover Affects Wheat Market Slightly Lower

I’m KayDee Gilkey with the Market Line Report for July 25, 2013. ?
The wheat market trade higher for most of the session Wednesday but heavy midday selling in the corn market left wheat vulnerable to spillover pressure which ultimately pushed KC and Chicago into the red. From the floor of the CME Group, Gary Kozlowski shares his observations of Wednesday’s markets.
Kozlowski: “Wheat right now Egypt, China and Brazil are buying our wheat right now -- all of them. Ironically, since the change in leadership over in Egypt we are seeing a lot more of Egypt buying our wheat. Good harvest conditions are expected to continue on in the European region. Russia’s harvest is looking good right now but their yield is expected to be down, some saying almost up to 10 million acres.”

Chicago September Wheat ended Wednesday down a 1/2 of a cent at 6-53 and 1/4. September corn ended the day down 14 and 1/4 cents at 5-08 and 1/4.??Portland prices for soft white wheat and club wheat were down a 1/2 of a cent at 7-16 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 3/4 to 4 and 3/4 cents at mostly 8-03 and 1/4. DNS wheat with 14 pct protein prices were down a 1/2 of a cent at mostly 8-47 and 1/2. ??August live cattle were down 32 and half cents Wednesday at 121-57 and half. August Feeder cattle were down 57 and half cents at 153-02 and half. August class III milk was up 12 cents at 18 even.