Wheat Futures Turn Higher

I’m KayDee Gilkey with the Market Line Report for May 1, 2013. 
Wheat futures sharply extended gains in mid-morning trade and finished with double-digit gains in Chicago and Kansas City Tuesday. While corn and soybean futures softened in morning trade, wheat futures turned higher amid crop concerns. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Wheat did have an early weakness following corn and soybean but ended up rallying quite heavily by the close given that early weakness that we saw. But again the news is almost counterinutive they are saying that hard winter wheat is right now at 14 percent in the early planting process should be 29 percent but I guess that makes a little more sense but again they are talking about tight supplies especially coming from Russia so it seems like all the news is counterproductive.”

Chicago July Wheat ended Tuesday up 14 and 1/2 cents at 7-31. July corn ended the day down 9 and 3/4 cents at 6-50.

Portland prices for soft white wheat and club wheat were were mixed down 5 and 1/2 to up a nickel at mostly 7-80 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 13 and 3/4 cents at mostly 9-21 and 1/2. DNS wheat with 14 pct protein prices were mixed down 2 to up 13 cents at 9-46. 

June live cattle were down Tuesday 65 cents at 121-90. August Feeder cattle were down 97 and half cents at 148-90. June class III milk was down 4 cents at 19-54.