Wheat Futures Lower Following USDA Report Results

I’m KayDee Gilkey with the Market Line Report for July 1, 2013.

Wheat futures traded sharply lower Friday following the USDA report that was considered slightly bearish against trade expectations. From the floor of the CME Group, Greg Wagner shares his observations of Friday’s markets.

Wagner: “Yea, this is without a doubt Friday, bomb shell of a day here June 28th. USDA comes out with its 11 a.m. Chicago time Grain Stocks and well anticipated Acreage Report. This market keyed off 2 million acres of corn planted above trade expectations, which were above the March planting intentions report. You go into the Grain Stocks report - we’re looking at old crop grain stocks - corn, soybeans and wheat - all comes in under trade expectations.”

Chicago September Wheat ended Friday down 16 cents at 6-57 and 3/4. September corn ended the day down 25 cents at 5-47 and 1/4.??

Portland prices for soft white wheat and club wheat were down 15 and 1/4 to 15 and 3/4 cents at 7-03. Hard Red Winter Wheat with 11.5 pct protein prices were down 11 and 1/2 cents at mostly 8-14 and 1/2. DNS wheat with 14 pct protein prices were down 8 cents at mostly 8-85.

August live cattle were down Friday 90 cents at 122-02 and half. August Feeder cattle were down 25 cents at 149-45. August class III milk was up 20 cents at 17-77.