Wheat Market Trades Relatively Steady

After gaining strength late in the day, wheat futures ended higher on weather concerns with draught in the Southern Plains and rain in the northern states adding to planting delays. From the floor of the CME Group, Virginia McGathey shares her observations of Monday’s markets.

McGathey: “Corn was down about 11 cents today. There has been some supply issues. The planting is way late right now. I thought that the market would actually be higher overall. It worked lower all day along with wheat. It took wheat with it but really right before the close the market began to rally back up. Corn closed and settled just about 3 lower than Friday, but still came back really strong. Wheat on the other hand really rallied strong and was up about 3 cents on the close when at one point it had been down 12 cents.”

Chicago July Wheat ended Monday up 2 cents at 6-85 and 1/4. July corn ended the day down 3 and 1/4 cents at 6-49 and 1/2.??Portland prices for soft white wheat and club wheat were steady to up 2 cents at mostly 7-68 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 and 3/4 cents at mostly 8-80. DNS wheat with 14 pct protein prices were up 7 and 1/2 to 12 and 1/2 cents at mostly 9-31 and 1/4. ??June live cattle were up Monday 72 and half cents at 120-12 and half. August Feeder cattle were up $1.10 at 144-47 and half. June class III milk was down 7 cents at 18-29.