Sharply Higher Wheat Market

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

Wheat futures traded sharply higher on the day Wednesday and the market rallied for the third day in a row. From the floor of the CME Group, Frank Lesh shares his observations of Wednesday’s markets.

Lesh: “Traders do expect world wheat prices to be working higher in here. The situation right now is that world production has expected to decline somewhat and we have really good demand out there. China has been a big buyer not only of corn here recently but buying wheat on the world market -- they’ve bought U.S. wheat and they are also out there shopping for Australian wheat and probably for some Russian Ukraine wheat as well. It seems like they really need wheat more so than any other products at the moment.”

Chicago September Wheat ended Wednesday up 9 cents at 6-64 and 1/4. September corn ended the day up 3 and 1/2 cents at 4-99.

Portland prices for soft white wheat and club wheat were up 9 to 14 cents at 7-31. Hard Red Winter Wheat with 11.5 pct protein prices were up 10 and 1/2 cents at mostly 8-11 and 3/4. DNS wheat with 14 pct protein prices were up 4 cents at mostly 8-39 and 1/4. ??

October live cattle were down 17 and half cents Wednesday at 125-47 and a half. September Feeder cattle were up 37 and half cents at 156-97 and a half. September class III milk was up 7 cents at 18-71.