Wheat Up From Spillover From Corn

Wheat Up from Spillover Support from Corn

I'm KayDee Gilkey with the Market Line Report for July 4, 2012.

Grain prices traded higher on Tuesday in response to the further deterioration of weekly crop conditions. Corn and soybeans both saw their good to excellent ratings drop 8 percent, to the lowest levels seen in the last 10 years. Wheat was a follower of corn on the move higher.

From the floor of the CME Group, Terry Roggensack shares his observations of Tuesday’s markets.

Roggensack: “Grain markets are sharply higher and we’re seeing results of last night’s USDA crop conditions reports plus another three to four maybe five days of extreme heat and dry weather for most of the Midwest and northern Delta growing regions. We are seeing the corn crop rated now 48 percent good-to-excellent that compares with 69 percent a year ago.”
Chicago September Wheat ended Tuesday up 26 and 3/4 cents at 7-99 and 1/4. September corn ended the day up 21 and 3/4 cents at 6-74.
Portland prices for soft white wheat and club wheat were up 25 cents at mostly 7-82. Hard Red Winter Wheat with 11.5 pct protein prices were up 26 cents at mostly 8-54. DNS wheat with 14 pct protein prices were up 35 cents at mostly 9-98.

August live cattle ended Tuesday up 20 cents at 119-48. August Feeder cattle were down $2.25 at 147-40. August class III milk was up a penny at 17-26.

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