Wheat Trade Mostly Higher

Wheat futures traded mostly higher on the day Wednesday with support coming from stronger feed demand and reports of declining quality of the Chicago wheat crop due to heavy and untimely rainfall. Harvest pressure continues to keep the bull camp honest as it inches north in the western plains and eastern Corn Belt. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Today in Wednesday’s grain trade a little bit of a mixed picture. We’ve seen a little bit of diverse between old crop and new crop. Bottom line here is there is a real lack of interest and we are really looking for spots to sell. There is certainly no reason -- we have plenty of supply and plenty planted in the ground - there is no reason to be concerned. These markets are now basically all in downtrends.”

Chicago September Wheat ended Wednesday up 1 and 1/2 cents at 6-79. September corn ended the day up 2 cents at 5-53 and 3/4.

Portland prices for soft white wheat and club wheat were up 1 and 1/2 cents at 7-35 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 5 and 1/4 cents at mostly 8-19. DNS wheat with 14 pct protein prices were unchanged at mostly 8-76 and 3/4. ??

August live cattle were down 65 cents Wednesday at 122-07 and half. August Feeder cattle were down 60 cents at 150-55. August class III milk was up 33 cents at 18-03.