Wheat Market Up A Bit Higher

I’m KayDee Gilkey with the Market Line Report for August 13, 2013.

The USDA report released Monday was considered slightly bullish against trader estimates for wheat after the 2013/14 US all wheat carryout was pegged at 551 million bushels, down from the July estimate. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “It was a big day here at the CME Group obviously we had the August Crop production report and USDA just throws a bomb into the market. We had the trade expecting a larger production number in corn -- it wasn’t a question of whether we were going to get a larger production or yield number in corn but rather just how great. Instead USDA cuts yields in corn 2.1 bushel an acre down from 154.5.”

Chicago September Wheat ended Monday up 1 and 1/2 cents at 6-35. September corn ended the day up 6 and 1/4 cents at 4-72.??Portland prices for soft white wheat were down 8 and 1/2 to 20 cents at mostly 7-11 and 1/4. White club wheat was down 3 and 1/2 to 10 cents at mostly 7-16 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 cents at mostly 8-08 and 1/4. DNS wheat with 14 pct protein prices were up 4 and 3/4 cents at mostly 8-36 and 3/4. ??October live cattle were up 52 and half cents Monday at 127-40. September Feeder cattle were down 47 and half cents at 157 even. September class III milk was down 17 cents at 17-88.