Wheat Futures Sharply Lower

I’m KayDee Gilkey with the Market Line Report for June 25, 2013.

Wheat futures traded sharply lower on the day on harvest pressure and weaker European wheat markets. The weather forecasts suggest good harvest progress will be made this week. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Grain markets here in Chicago were mostly lower on Monday. We had the corn market lower, we had the wheat market lower and the soybean market was mixed. Now we do have a big report from the USDA on Friday, it’s the Planted Acreage and Quarterly Stocks report. The USDA is essentially going to revise their planted acreage numbers from March intentions and they are going to give us an idea of as to what kind of old crop of soybeans, corn and wheat are out there in the hands of farmers and commercials.”

Chicago July Wheat ended Monday down 19 cents at 6-79. July corn ended the day down 8 and 1/2 cents at 6-53 and 1/4.??Portland prices for soft white wheat and club wheat were down 17 and 1/4 to 19 cents at mostly 7-33 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 and 1/4 to 21 and 1/4 cents at mostly 8-48 and 1/4. DNS wheat with 14 pct protein prices were down 6 and 1/4 cents at mostly 9-07 and 1/4. ??August live cattle were down Monday 42 and half cents at 121-17 and half. August Feeder cattle were up 75 cents at 147-67 and half. July class III milk was down 45 cents at 17-34