Wheat Market Mixed Friday, But Better on Week

I’m KayDee Gilkey with the Market Line Report for August 5, 2013.

The weaker trade from Thursday was short lived as the bulls came back into the market Friday to push the September Chicago contract higher on the day. The contract closed off the highs of the session but settled in the green. Strong gains were seen in the Chicago wheat/corn spreads. From the floor of the CME Group, Greg Wagner shares his observations of Friday’s markets.

Wagner: “We had a really interesting trade as far as the grains go on Friday. It is pretty much the theme of the week, row crops under pressure again because of weather. Weather that is very conducive to good yields and trade is looking at a crop that is non threatened. We’re getting through pollination in corn without any problems.”

Chicago September Wheat ended Friday up 2 and 1/2 cents at 6-60 and 1/2. September corn ended the day down 11 and 1/2 cents at 4-76.

Portland prices for soft white wheat and club wheat were up 2 and 1/2 to 10 and 1/2 cents at 7-33 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were steady at mostly 8-12 and 3/4. DNS wheat with 14 pct protein prices were down of 1/2 of a cent at mostly 8-40 and 1/4. ??

October live cattle were down 2 and half cents Friday at 124-47 and half. September Feeder cattle were down 25 cents at 157 even. September class III milk was down a dime at 18-42.