Wheat Closes Higher

I’m KayDee Gilkey with the Market Line Report for July 4, 2013.

The futures market closed early on Wednesday ahead of today’s holiday. Mid-West harvest should be pushing past the halfway point for winter wheat, and should be coming to a quick conclusion with open weather. From the floor of the CME Group, Scott Shellady shares his observations of Wednesday’s markets.

Shellady: “Well its going to be a quiet one, it usually is the day before the Fourth of July. You know the things that we are talking about here on the floor of Chicago are watching that $5 level in Dec corn. We’ve bounced off it a couple of times a couple of days ago. Wheat that’s got a little bit cheaper relatively speaking to the rest of the world. Egypt came in yesterday, so there is still a bid for wheat but corn is really having a hard time getting out of bed. So the story here in Chicago is we’re watching these wheat markets levitate a bit with quiet trade. And we are watching the defense of that $5 level in Dec corn.”

Chicago September Wheat ended Wednesday up 7 and 3/4 cents at 6-58 and 1/4. September corn ended the day unchanged at 5-33.??

Portland prices for soft white wheat and club wheat were up 6 and 3/4 to 11 and 3/4 cents at 7-18 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 and 3/4 cents at mostly 8-11 and 1/2. DNS wheat with 14 pct protein prices were down 1/2 of a cent to 15 and 1/2 cents at mostly 8-80 and 1/4.

August live cattle were up a nickel Wednesday at 121-95. August Feeder cattle were were also up a nickel at 150-95. August class III milk was down 26 cents at 18-07.