Wheat Futures End Day Flat

I’m KayDee Gilkey with the Market Line Report for July 17, 2013.

Wheat futures benefited from spillover from neighboring markets, but couldn’t sustain prices strength gains were trimmed into the close. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.
Shover: “Wheat has basically been on the flatline to up a few cents across three exchanges. A lot of the uplift is basically in sympathy of the other grains but also with the dollar being down today giving support to wheat. Spring wheat came in 71 percent good to excellent -- a little worse than expected. Winter wheat right now 67 percent complete also bullish for wheat. Lastly we’re seeing wheat basis continue to be strong something we’ve been seeing in the last five to 10 trading days.”

Chicago September Wheat ended Tuesday unchanged at 6-69 and 1/2. September corn ended the day up 9 cents at 5-45 and 1/4.

Portland prices for soft white wheat and club wheat were unchanged at 7-32 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 3/4 to 12 and 3/4 cents at mostly 8-10 and 3/4. DNS wheat with 14 pct protein prices were up 4 cents at mostly 8-64.  

August live cattle were down 32 and half cents Tuesday at 122-12 and half. August Feeder cattle were down a dime at 152-55. August class III milk was up 43 cents at 18-08.