Wheat Markets Down

Wheat Markets Down

I'm KayDee Gilkey with the Market Line Report for June 1, 2012.

Talk of decent yields for the winter wheat harvest and ideas that the US dollar rally is slowing export demand and that the wheat premium over corn is lowering feed demand were factors which may have contributed to the weakness. From the floor of the CME Group, Chris Robinson with Top Third Ag shares his observations of Thursday’s markets.

Robinson: “Continue sell pressure as harvest is underway for the wheat. With some few exceptions of some areas in Oklahoma with some hailstorms, in general the yields are looking pretty good. This is an ongoing harvest, as we go you may continue to see harvest pressure until harvest is finished in the next 10 to 15 days.”

Chicago July Wheat ended Thursday down a dime at 6-43 and 3/4. July corn ended the day down 4 and 1/4 cents at 5-55 and 1/4.

Portland prices for soft white wheat and club wheat ranged from up a nickel to down 7 cents at mostly 6-81. Hard Red Winter Wheat with 11.5 pct protein prices ranged down from 14 to 19 cents at mostly 7-43. DNS wheat with 14 pct protein prices were down 11 cents at mostly 8-93.

August live cattle ended up 98 cents at 118-90. August Feeder cattle were up 73 cents at 156-80. July class III milk was down 2cents at 16-33.

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