Wheat Closed Narrowly Mixed

I’m KayDee Gilkey with the Market Line Report for July 3, 2013.

Wheat futures saw trade on either side of unchanged Tuesday. Chicago ended 1 1/4 to 3 3/4 cents higher. Kansas City posted marginal losses in most contracts. South Korean flour millers will decide this week whether to lift a ban on US white wheat imports after test results are viewed. From the floor of the CME Group, Larry Shover shares his observations.

Shover: “Well, Tuesday’s trade was slow overall. Wheat - people thought it was oversold and saw some corrective action in the wheat market but again people are thinking that maybe it is oversold and that this is a technical bounce than anything else. What is on traders’ minds right now is that 43 percent of the winter crop has been harvested. So other than that there seems to be a dearth of information. Where wheat goes from here is anyone’s guess.”

Chicago September Wheat ended Tuesday up 3 and 1/4 cents at 6-58 and 1/4. September corn ended the day up 1 and 1/2 cents at 5-33.??

Portland prices for soft white wheat and club wheat were up 3 and 1/4 cents at 7-10. Hard Red Winter Wheat with 11.5 pct protein prices were unchanged at mostly 8-07 and 3/4. DNS wheat with 14 pct protein prices were down 3/4 of a cent at mostly 8-81 and 3/4. ??

August live cattle were down Tuesday 27 and half cents at 121-90. August Feeder cattle were down 32 and half cents at 150-90. August class III milk was unchanged at 18-33.