Wheat Market Trades Higher on Tuesday

I’m KayDee Gilkey with the Market Line Report for August 1, 2013.

Japan will resume tenders this week for new purchases of US. Western White Wheat and soft white wheat. Wheat futures traded higher on the day Tuesday in brisk volume but settled off session highs. From the floor of the CME Group, Larry Shover shares his observations of Wednesday’s markets.

Shover: “Starting with corn, USDA report came out ten-day weather -- lower temperature than normal and higher rainfall than normal. It is actually causing a little bit of a bullish trend with corn up about 3 cents. Wheat had a pretty volatility day ended up about 4 cents on the day on the news that the Japanese have lifted the ban on Western Wheat. Saw a lot of buying interest but also outside of Japan seeing some big buying interest coming from Taiwan

Chicago September Wheat ended Wednesday up 3 and 3/4 cents at 6-55 and 1/4. September corn ended the day up 6 and 1/4 cents at 4-95 and 1/2.??

Portland prices for soft white wheat and club wheat were up a 1/4 of a cent to 3 and 3/4 cents at 7-22 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 cents at mostly 7-98 and 1/4. DNS wheat with 14 pct protein prices were up 3 cents at mostly 8-35 and 1/4. ??

October live cattle were down 32 and half cents Wednesday at 125-65. September Feeder cattle were down 25 cents at 156-60. September class III milk was up 15 cents at 18-64.