Wheat Ends Little Changed

I’m KayDee Gilkey with the Market Line Report for June 5, 2013. 

Wheat futures chopped around unchanged throughout the day Tuesday as spread unwinding with corn and crop concerns were enough to stymie selling interest, but not enough to spur active buying. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Wheat managed to closed basically unchanged, slightly higher on the day, considering the fact that overnight it closed 7 to 8 cents lower it is pretty stunning things going on with wheat. A lot of pressure that we saw early in the day from the soybean market into the wheat market. Lastly -- the big theme -- something we’ve been hearing for about a week is that USDA continues their investigation into the GMO strain that was found out West.”

Chicago July Wheat ended Tuesday up a 1/4 of a cent at 7-09. July corn ended the day up 4 and 3/4 cents at 6-60 and 1/2.

Portland prices for soft white wheat and club wheat were up a 1/4 cent to 4 and 1/4 cents ranging between 7.47 and 3/4 and 7-74. Hard Red Winter Wheat with 11.5 pct protein prices were down 3/4 of a cent at mostly 8-84 and 3/4. DNS wheat with 14 pct protein prices were down 2 cents at mostly 9-37.

June live cattle were up Tuesday 22 and half cents at 120-95. August Feeder cattle were up $1.15 at 145-57 and half. June class III milk was down 4 cents at 17-74.