Wheat Closes Lower

Wheat futures closed lower and came under pressure Thursday amid fallout after the finding of unapproved GMO wheat in Oregon. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.

Shover: “Thursday, May 30th, wheat is down maybe in sympathy. But they did find an unimproved GMO strain in some of the wheat in the western U.S. which caused some concern. Also overnight Japan did cancel a tender for wheat which also caused concern. Lastly, we’re continuing to see moderate to mild weather in Europe which is kind of containing the trading range in wheat.”

Chicago July Wheat ended Thursday down 4 cents at 6-98 and 3/4. July corn ended the day down 10 and 3/4 cents at 6-54 and 1/4.??Portland prices for soft white wheat and club wheat were down4 to 25 cents ranging between 7.50 and 7-88 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 1 3/4 to up 3 and 1/4 cents at mostly 8-84. DNS wheat with 14 pct protein prices were down a 1/4 of a cent to 5 and 1/4 cents at mostly 9-30 and 1/2. ??June live cattle were down Thursday $1.02 and half at 120-35. August Feeder cattle were down $1.45 at 144-17 and half. June class III milk was down 13 cents at 17-79.