Grain Markets Take A Breather

Grain Markets Take a Breather

I'm KayDee Gilkey with the Market Line Report for July 18, 2012.

Wheat continues to find strength from unfavorable weather conditions the next two weeks in the US Midwest and on production concerns in the Black Sea. Chicago wheat remains a follower of the corn market as the likelihood of a much small US corn crop could mean better feed wheat demand. Outside markets are providing pressure to commodities with the US Dollar trading sharply higher on the day Tuesday.From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.

Shellady: “Well we’ve finally taken a breather. the grain markets have backed off a tad as I came up to the studio. Corn off a few cents, beans and wheat off 5 or 6 cents each. And I think that is good for a market long-term that really wants to go higher.”

Chicago September Wheat ended Tuesday up a 1/2 of a cent at 8-85 even. September corn ended the day up 2 and 3/4 cents at 7-79 and 1/2.
Portland prices for soft white wheat and club wheat were up five to 10 cents at mostly 8-79. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 cents at mostly 9-40. DNS wheat with 14 pct protein prices were steady to up 4 cents at mostly 10-72.

August live cattle ended Tuesday down $1.33 at 115-48. August Feeder cattle were down $1.80 at 134-20 even. August class III milk was down 16 cents at 18-03.

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