Wheat Market Softens

I’m KayDee Gilkey with the Market Line Report for August 14, 2013.

Wheat futures favored a firmer tone in early trade, but softened as corn futures turned sharply lower. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Wheat down 7 cents on the day on the two exchanges that we are looking at right now. Offset by up 2 to 4 cents overnight so yesterday’s USDA report was neutral to maybe a little bit bullish for wheat so people are scratching their head on that as well. It is true that this spring crop did decline ever so slightly from traders’ expectations but a lot of people think that wheat’s downward bias today had a little bit to do with corn or out of boredom.”

Chicago September Wheat ended Tuesday down 6 and 3/4 cents at 6-28 and 1/4. September corn ended the day down 16 and 3/4 cents at 4-55 and 1/4.??Portland prices for soft white wheat were steady to down 1 and 3/4 cents at mostly 7-10. White club wheat was down 1 and 3/4 cents at mostly 7-15. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 cents at mostly 8-05 and 1/4. DNS wheat with 14 pct protein prices were down 1 and 1/4 to 4 and 1/4 cents at mostly 8-33 and 1/2. ??October live cattle were up 67 and half cents Tuesday at 128-07 and half. September Feeder cattle were up 70 cents at 157-70. September class III milk was up 7 cents at 17-95.