Wheat Futures Mixed on Thursday

I’m KayDee Gilkey with the Market Line Report for June 21, 2013.

Wheat futures had a weaker tone throughout the day Thursday, but saw narrowly mixed trade by end of close. Much of the day's pressure came on spillover from sharp losses in neighboring grain pits. From the floor of the CME Group, Todd Horwitz shares his observations of Thursday’s markets.

Howitz: “Thursday’s grain market had some interesting action based on what is going on in Wall Street -- where they are selling everything. A little pressure in the grain markets here. Overall the long term I think is still the trends are lower. The crops are in, everything is in good, there is no weather related issues. So a little pressure today, but really considering what is going on Wall Street really really not a lot of selling pressures. I think it was pretty normal. The markets are working their way lower and the trends are down.”

Chicago July Wheat ended Thursday down 6 and 1/2 cents at 7-00 and 1/2. July corn ended the day down 9 cents at 6-73 and 1/4.??Portland prices for soft white wheat and club wheat were down 1 and 1/2 to 6 and 1/2 cents at mostly 7-53 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 3/4 cents at mostly 8-69. DNS wheat with 14 pct protein prices were a 1/2 of a cent at mostly 9-19. ??August live cattle were down Thursday 40 cents at 120 even. August Feeder cattle were down 22 and half cents at 144-42 and half. July class III milk was down 12 cents at 17-92.