Wheat Market Settles Lower

I’m KayDee Gilkey with the Market Line Report for July 23, 2013.

The market was trading near unchanged early Monday morning but found a steady flow of selling pressure into the pit opening. Even a break in the US dollar index and higher gold values failed to provide much support.
From the floor of the CME Group, Jack Scoville shares his observations of Monday’s markets.
Scoville: “I think wheat prices just trailing off of corn. No export demand to speak of, or at least none reported by USDA this morning. And with the domestic market mostly a feed market -- for both corn and wheat right now-- if corn prices have to move a little bit lower, then wheat prices have to follow. I really think that was all there was to the wheat market today.”

Chicago September Wheat ended Monday down 4 and 3/4 cents at 6-59 and 3/4. September corn ended the day down 3 and 1/4 cents at 5-40 and 3/4.??Portland prices for soft white wheat and club wheat were down 4 and 3/4 cents at 7-18. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 and 1/4 cents at mostly 8-08. DNS wheat with 14 pct protein prices were down 3 and 3/4 cents at mostly 8-50 and 3/4. ??August live cattle were down a dime Monday at 121-87 and half. August Feeder cattle were up 67 and half cents at 152-92 and a half. August class III milk was down 37 cents at 17-89.