Wheat Futures See Spillover Support

Wheat futures traded higher into the closing bell on short covering support and amid more positive technical influences. Harvest is progressing in the eastern and western Corn Belt with yields in some areas of the east coming in 20% above normal levels according to some traders. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Wheat just lacking direction - same old story. Closed down slightly to flatish on all three exchanges. The same story remains in place, people are worried about how far behind the wheat crop is. Although that is old news, but rain is coming. So wheat down to flat on all three exchanges.”

Chicago July Wheat ended Tuesday up 7 cents at 6-87 and 1/2. July corn ended the day up 4 and 3/4 cents at 6-73 and 1/4.??Portland prices for soft white wheat and club wheat were up 7 cents at mostly 7-35 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 5 and 1/2 cents at mostly 8-47 and 1/4. DNS wheat with 14 pct protein prices were down 1 and 1/4 cents at mostly 9-01. ??August live cattle were down Tuesday 22 and half cents at 119-02 and half. August Feeder cattle were down 72 and a half cents at 143-80. July class III milk was down 19 cents at 17-98.