Wheat Futures Mixed

I’m KayDee Gilkey with the Market Line Report for June 26, 2013.

Wheat futures traded higher early in the day but saw pressure late in the session to finish lower on hedge pressure as the harvest pace improves across the US. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Wheat was mixed on the day. It had a pretty volatile range starting down a penny to about up 6 on the day. After yesterday’s pressure on the crop it was really just a volatile session. Right now traders are calling July support at $6.65. Resistance at $6.88 followed by $6.95. The important to realize with wheat is that we have spring planting report coming out on Friday.”

Chicago July Wheat ended Tuesday down 3 and 1/4 cents at 6-75 and 3/4. July corn ended the day up 3 and 1/2 cents at 6-56 and 3/4.

Portland prices for soft white wheat and club wheat were down 2 and 3/4 to 3 and 1/4 cents at mostly 7-30 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 to 11 cents at mostly 8-39 and 1/4. DNS wheat with 14 pct protein prices were down 3 cents at mostly 9-12 and 1/4.

August live cattle were down Tuesday a nickel at 121-12 and half. August Feeder cattle were up 20 cents at 147-87 and half. July class III milk was down 21 cents at 17-13.