Wheat Market Softens Near the Close

Wheat Market Softens Near the Close

I'm KayDee Gilkey with the Market Line Report for June 22, 2012.

Wheat futures were able to run counter to outside markets on Thursday morning, but as the dollar rocketed higher and the stock market plummeted on disappointing U.S. economic data and concerns about soaring borrowing costs in Spain, losses in the corn market spilled over to wheat.
From the floor of the CME Group, Greg Wagner shares his observations of Thursday’s markets.

Wagner: “It was a pretty much a down day in both in new crop and old crop corn and soybeans as well the only thing that really didn’t get hit was the wheat market. The driver for the trade today was really a change in the weather forecast. We had some precipitation come in over the Mid-west, basically west of Mississippi and moderating temperatures.”

Chicago July Wheat ended Thursday down 2 and 1/4 cents at 6-61 and 3/4. July corn ended the day down 25 and 1/4 cents at 5-86 and 1/2.

Portland prices for soft white wheat and club wheat were up 10 to 15 cents at mostly 7-14. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 cents at mostly 7-60. DNS wheat with 14 pct protein prices were down 14 to 19 cents at mostly 9-08.
August live cattle ended down 55 cents at 116-55. August Feeder cattle were down a dime at 152-65. July class III milk was up 6 cents at 16-72.
I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.