Break In Dollar Helps Markets

Break In Dollar Helps Markets. I’m Greg Martin and this is Market Line.

The wheat market saw active buying from speculators which helped drive futures sharply higher as traders see the market as oversold after a $2.21 break into last Thursdays lows and traders saw the ability to hold these lows this week as a positive technical development. The sharp break in the US dollar, a little too much rain in Ukraine and a little too much heat in the forecast for Russia has traders a bit less bearish on wheat yesterday and short-covering and bargain-hunting buying has helped support a strong trade early today.

August cattle closed slightly higher on the session as the early break to a three-session low was met with improved buying. Continued demand concerns for the post-holiday period into mid-July and from ideas that the meat markets may be a bit overbought helped to pressure the market early but the turn up in other agriculture markets, strength in energy and metal markets and that sharp break in the US dollar helped ease global demand fears for commodities and helped to support a recovery bounce to trade moderately higher on the day into the mid-session.

On Monday Chicago July wheat up 17 1/2 cents at 6-40 1/4.
July corn down 1 at 682
Portland soft white wheat and club wheat mostly 6-70.
New crop August white wheat 6-70 to 6-85.
Hard red winter 11.5 percent protein mostly 7.99 up 16.
DNS 14% protein mostly 10.53 up 30
August live cattle up 37cents at 111.75
August feeders up 65 cents at 137.87
July Class III milk up a nickel to 20.40

I’m Greg Martin and that’s Market Line on Northwest Aginfo Net.