Wheat Pushes Higher

I’m KayDee Gilkey with the Market Line Report for July 10, 2013.

Wheat futures traded sharply higher on the day Tuesday and saw support from a stronger trade in corn but also on thoughts that the world carryout for 13/14 is at risk of declining below 180 million tonnes in this week's USDA report. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.
Shover: “Well, Tuesday’s grain trading a lot of green across the board -- back to back green days. Wheat up about 13 cents today, up double digits overnight. Strong Chinese demand right now. Reports came out that last week that they bought 1.32 million metric tonnes, a little bit more than anyone expected. Also some short coverings and going in sympathy with the other ag products at the CME.”

Chicago September Wheat ended Tuesday up 14 and 1/2 cents at 6-77 and 1/2. September corn ended the day up 18 and 1/2 cents at 5-51 and 3/4.??

Portland prices for soft white wheat and club wheat were up 19 and 1/2 cents at 7-34 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 10 and 1/4 to up 14 and 3/4 cents at mostly 8-13 and 3/4. DNS wheat with 14 pct protein prices were up 7 and 3/4 cents at mostly 8-76 and 3/4. ??

August live cattle were up 65 cents Tuesday at 122-72 and half. August Feeder cattle were down 45 cents at 151-15. August class III milk was unchanged at 17-70.