Wheat Market Slightly Higher

Wheat futures were pulled between weakness in the corn market and strength in the bean pit and in the end posted slight gains. Early support came on spillover from corn and soybeans, but as corn drifted lower on profit-taking, so did wheat futures. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Grain markets were mixed here in Chicago on Monday. We had the corn market lower, soybean market sharply higher and wheat market mixed. We are really in the midst of a really heavy weather market here. We’ve had a lot of excessive rain over the corn belt of the past several weeks and the market is really debating several things right now.”

Chicago July Wheat ended Monday up 3 and 1/4 cents at 7-08 and 3/4. July corn ended the day down 6 and 1/4 cents at 6-55 and 3/4.??Portland prices for soft white wheat and club wheat were mixed down17 to up 3 and 1/4 cents ranging between 7.43 and 1/2 and 7-73 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up a 1/2 of a cent at mostly 8-85 and 1/2. DNS wheat with 14 pct protein prices were up 3 cents at mostly 9-39. ??June live cattle were down Monday 57 and half cents at 120-72 and half. August Feeder cattle were up a dime at 144-42 and half. June class III milk was unchanged at 17-78.