Wheat Futures Slightly Lower

I’m KayDee Gilkey with the Market Line Report for July 2, 2013.

Wheat futures traded lower Monday, mostly due to improved harvest conditions in the western plains and better than expected yields that continue to show up in the eastern Corn Belt. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “Wheat continues to leak lower here in Chicago. Chicago Sep wheat down single digits. You did have fractional gains in Kansas City wheat but beyond that -- this market is focused on weather. It’s focused on supply. Once we get over the supply situation, then we have to focus on demand. There is more than enough corn around, and actually world stocks for soybeans are at record levels and the same situation applies to wheat -- so we have to build demand.”

Chicago September Wheat ended Monday down 2 and 3/4 cents at 6-55. September corn ended the day down 15 and 3/4 cents at 5-31 and 1/2.??Portland prices for soft white wheat and club wheat were mixed down 2 and 3/4 to up 11 and 1/2 cents at 7-05. Hard Red Winter Wheat with 11.5 pct protein prices were up 1/4 of a cent to 10 and 1/4 at mostly 8-07 and 1/4. DNS wheat with 14 pct protein prices were mixed down 3 and 1/2 cents to up 6 and 1/2 cents at mostly 8-82 and 1/2. ??August live cattle were up Monday 15 cents at 122-17 and half. August Feeder cattle were up $1.77 and half at 151-22 and half. August class III milk was up 56 cents at 18-33.