Wheat Futures Lead Grain Markets

I’m KayDee Gilkey with the Market Line Report for June 20, 2013.

Wheat futures traded sharply higher on the day Wednesday with KC and Chicago both seeing double digit gains. Strong technical influences to the upside triggered a fair amount of short covering which pushed the KC July to an 9 session high and the Chicago July to a 10 session high. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “The trade has reacted in a dynamic fashion and today you had traders crawling all over each others’ backs to in order to buy corn, soybeans and wheat. We’ll see what the remaining two days of the trading week bring. It has been very dynamic the first three days here in the CME Group grain room.”

Chicago July Wheat ended Wednesday up 19 and 1/2 cents at 7-07. July corn ended the day up 9 cents at 6-82 and 1/4.??Portland prices for soft white wheat and club wheat were up 19 and 1/2 to 24 and 1/2 cents at mostly 7-58 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 20 and 1/2 to 31 and 1/2 cents at mostly 8-71 and 3/4. DNS wheat with 14 pct protein prices were up 5 and 1/2 to 15 and 1/2 cents at mostly 9-14 and 1/2. ??August live cattle were up Wednesday 97 and half cents at 120-47 and half. August Feeder cattle were up 85 cents at 144-65. July class III milk was up 6 cents at 18-04.