Wheat Prices Near Unchanged

Wheat Prices Near Unchanged

I'm KayDee Gilkey with the Market Line Report for June 12, 2012.

Late weakness in corn and a turn sharply lower in the US stock market helped to pressure the wheat market to give back all of the early gains to close nearly unchanged on the day Monday. From the floor of the CME Group, Chris Robinson with Top Third Ag shares all eyes are looking to Tuesday morning’s release of the USDA Supply and Demand Report.

Robinson: “At 7:20 tomorrow we have the USDA Supply and Demand numbers. We’ll have to see how that turns out. For the first time in history we’re going to have the pits open while the number come out at 7:20. That is a big change. So there will be simultaneous trading while the number comes out. In the history of the board of trade, the number always came out at 7:20 and we had about two hours to digest it before the market opened up at 9:30. So it should be very, very interesting tomorrow if there are any surprising numbers, we could have a lot of volatility that first five to 10 minutes.”

Chicago July Wheat ended Monday up a 1/4 of a cent at 6-30 and 1/2. July corn ended the day down 6 cents at 5-92.

Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 6-83. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 cents at mostly 7-33. DNS wheat with 14 pct protein prices were up 6 to 11 cents at mostly 9-18.

August live cattle ended down 53 cents at 120-30. August Feeder cattle were up 88 cents at 160-25. July class III milk was up a nickel at 16-50.

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