Wheat Markets Have Slight Gain on Tuesday

Although Chicago September wheat was down slightly, all the other wheat markets showed slight gains on Tuesday. From the floor of the CME Group, Greg Wagner shares his observations of Tuesday’s market.
Wagner: “For the time being, it is going to be weather that really drives this market. We’ll see if some buyers come in the corn but you’ve got red lights flashing technically across the board. Massive double talk in the weekly charts of December corn. Wheat got a little bounce closing fractionally higher today but U.S. wheat is still overpriced compared to the world market. And that is probably attributed more to spreading than oversold condition than everything. We’ll go forward from there and focus on the weather.”
Chicago September Wheat ended Tuesday down a half of a cent at 5-90 and 3/4. September corn ended the day down 4 and 1/2 cents at 4-34.
Portland prices for soft white wheat were unchanged to up 3/4 of a cent at mostly 6-97 and 1/2. White club wheat prices were unchanged to up 3/4 of a cent at mostly 7-34. Hard Red Winter wheat with 11.5 percent protein prices were up 4 and 1/4 cents at mostly 7-90 and 1/2. DNS wheat with 14 percent protein prices were up 3 and 3/4 to 8 and 3/4 cents at mostly 8-36 and 3/4.
August live cattle were down 72 and half cents on Tuesday at 145-72 and half. August Feeder cattle down 85 cents at 207-85. July class III milk was up 75 cents at 21-79.