Wheat Market Sees Modest Gains

I’m KayDee Gilkey with the Market Line Report for July 30, 2013.

Wheat futures posted modest gains into the closing bell Monday and the Chicago Dec wheat/corn spread made a new 2 month high as traders see tight wheat stocks both in the world and US balance sheet this year while the new crop corn market sentiment continues to sour. Some in the trade are looking for Japan to reenter the market for western white wheat. From the floor of the CME Group, Todd Horwitz shares his observations of Monday’s markets.

Horwitz: “Grain markets a little mixed here but still under pretty heavy pressure as we saw last week when we saw the old crop collapse before our very eyes. But we are now seeing that the trends are in place and they are down.”

Chicago September Wheat ended Monday up a 1 and 1/4 cents at 6-51 and 1/2. September corn ended the day down 2 and 3/4 cents at 4-89 and 1/4.??

Portland prices for soft white wheat and club wheat were mixed down a 1/4 of a cent to up 6 and 1/4 cents at 7-19 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 1 and 1/4 to up 2 and 3/4 cents at mostly 7-92 and 1/4. DNS wheat with 14 pct protein prices were down 2 and 1/4 cents at mostly 8-32 and 1/4.

October live cattle were up 12 and half cents Monday at 125-97 and half. September Feeder cattle were up 85 cents at 156-85. September class III milk was up 11 cents at 18-49.