Wheat Ends Higher on the Day
I’m KayDee Gilkey with the Market Line Report for May 8, 2013.
Chicago and Kansas City wheat managed to climb off session lows midday to trade higher on the day. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.
Shover: “Today’s livestock market, Tuesday, May 7th, just really strange. You have cattle that came out with a very very weak start. It did grow some legs in the early going only to falter off at the close. Cattle down about 60 cents on Tuesday. Some of the things traders are pointing to again is demand destruction -- everybody seems to be worried about that. We are seeing that with choice being down $1.42 -- that was weighing on the market.”
Chicago July Wheat ended Tuesday up 6 and 1/4 cents at 7-09. July corn ended the day up 3 and 1/2 cents at 6-40.
Portland prices for soft white wheat and club wheat were steady to up 6 and 1/4 at mostly 7-63. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 3 and 3/4 to up 1 and 1/4 cents at mostly 8-89. DNS wheat with 14 pct protein prices were up 4 cents at 9-27 and 3/4.
June live cattle were down Tuesday 47 and half cents at 120-82 and half. August Feeder cattle were down 90 cents at 146-55. June class III milk was down 34 cents at 18-52.
