Wheat Futures Mixed to Slightly Lower

I’m KayDee Gilkey with the Market Line Report for June 7, 2013.

Wheat futures traded mixed to slightly lower on the day after export sales were rather disappointing for old crop. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “Wheat importers -- all of the major wheat importers have pretty much quanatreeined whatever wheat they’ve received recently. They want all of this wheat to be tested for the GMO strains. Now none has been found, of course, and hopefully that continues to be the case. It is a very big problem right now and it has all but halted any wheat shipments. U.S. wheat prices, I should add, are the highest prices in the world right now.”

Chicago July Wheat ended Thursday down 3 and 3/4 cents at 6-97 and 3/4. July corn ended the day up 2 and 1/2 cents at 6-63 and 1/4.

Portland prices for soft white wheat and club wheat were down 3 and 3/4 to 6 and 1/4 cents at mostly 7-37. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 and 3/4 cents at mostly 8-73 and 1/2. DNS wheat with 14 pct protein prices were mixed down a 3/4 of a cent to up 4 and 1/4 cents at mostly 9-33 and 1/4.

June live cattle were up Thursday 20 cents at 120-45. August Feeder cattle were up a nickel at 144-65. June class III milk was up 3 cents at 18-06.