Wheat Finds Late Bid in Choppy Trade

I’m KayDee Gilkey with the Market Line Report for August 7, 2013.

Wheat futures edged higher Tuesday following the sharp losses seen Monday. Wheat/corn spreads forged a tepid recovery to the upside but corn turned lower which helped to keep the upside limited in wheat. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.

Shellady: “This record money mange short in corn those people have had the strong hand, usually when we see something like that we do get a little bit of a scare especially because we’ve got an August 12th report next Monday but corn continues to go lower. front month saw a little life in but not a lot lower today but a penny or two but still it is funny to see that it just can’t seem to get out of bed. Decent strength in wheat, saw some support there up three or four cents.”

Chicago September Wheat ended Tuesday up 5 and 1/4 cents at 6-50 and 1/2. September corn ended the day up 3 cents at 4-72 and 1/4.??Portland prices for soft white wheat and club wheat were up a 1/2 of a cent to 5 and 1/4 cents at 7-25 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 and 1/2 to 12 and 1/2 cents at mostly 8-09. DNS wheat with 14 pct protein prices were up 5 and 3/4 cents at mostly 8-38 and 1/2. ??October live cattle were up 12 and half cents Tuesday at 124-67 and half. September Feeder cattle were up 65 cents at 157-65. September class III milk was down 70 cents at 17-69.