Wheat Market Trades Both Sides of Unchanged

I’m KayDee Gilkey with the Market Line Report for July 29, 2013.

Wheat proved last week it doesn't have the strength to separate from corn even though seasonal pressure has eased and export demand is perking up. Chicago wheat recovered from its losses Thursday against corn with support coming from thoughts that world ending stocks could decline further if India and Russia production slips and Chinese imports rise. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “Wheat right now caught between a real strong export demand and a weak corn market. Weak corn, of course, pulling wheat down. Wheat shipments pace up 30 percent from last year showing that export demand. But this decline in corn and soybean prices are going to drag this wheat lower here as well.”

Chicago September Wheat ended Friday up a penny at 6-50 and 1/4. September corn ended the day down 4 cents at 4-92.??

Portland prices for soft white wheat and club wheat were up a penny at 7-13 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 3/4 of a cent at mostly 8-00 and 1/2. DNS wheat with 14 pct protein prices were down 1 and 1/4 to 6 and 1/4 cents at mostly 8-38 and 1/2.

October live cattle were up 35 cents Friday at 125-85. September Feeder cattle were up 22 and half cents at 156 even. September class III milk was down 39 cents at 18-38.