Wheat Futures Saw Spillover Pressure

Futures faced constant spillover pressure from corn and beans Monday. A firmer dollar for much of the day added to the price pressure. From the floor of the CME Group, Lincoln Ellis shares his observations of Monday’s markets.

Ellis: “It’s a very interesting Monday, after a late Friday/early Saturday report out of China that in fact that the import/export numbers were much lighter than expected causing fears of a slowdown, not only in China but the emerging markets more broadly and what that portends for the demand sector out of the advanced economies, particularly as it relates to the export shipments in the major three grains markets. All three hitting the skids this afternoon.”

Chicago July Wheat ended Monday down 6 and 1/2 cents at 6-89 and 3/4. July corn ended the day down 16 and 1/4 cents at 6-50.??Portland prices for soft white wheat and club wheat were down 6 and 1/2 cents at mostly 7-29 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 9 cents at mostly 8-61. DNS wheat with 14 pct protein prices were down 8 and 1/4 to 11 and 1/4 cents at mostly 9-23 and 1/2. ??August live cattle were down Monday 80 cents at 118-42 and half. August Feeder cattle were down 20 cents at 143-42 and half. July class III milk was up 2 cents at 18-11.