Wheat Market Slightly Higher

I’m KayDee Gilkey with the Market Line Report for August 15, 2013.

Wheat futures struggled to find bullish momentum Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

Howitz: “The weakest of the bunch is wheat and wheat continues to get pounded in any circumstances even though it is up a little over a penny on Wednesday really very weak. I think if you can get a rally back to $6.80 in Dec Wheat you certainly would want to be a seller there. Taking a look at the Dec corn $4.70 or $4.80 would be a great level there. Again there is no issue, there is over demand, we’ve got plenty supply to deliver. The markets are weak, the charts are weak and we are in the dead heat of summer.”

Chicago September Wheat ended Wednesday up 2 and 1/4 cents at 6-30 and 1/2. September corn ended the day up 9 and 1/2 cents at 4-64 and 3/4.??Portland prices for soft white wheat were up 2 and 1/4 to 10 and 1/2 cents at mostly 7-16 and 1/4. White club wheat was up 2 and 1/4 cents at mostly 7-20 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 1/2 cents at mostly 8-07 and 3/4. DNS wheat with 14 pct protein prices were up 3 and 1/2 cents at mostly 8-38.

October live cattle were up 17 and half cents Wednesday at 128-27 and half. September Feeder cattle were down 25 cents at 157-45. September class III milk was up 19 cents at 18-14.