Wheat Markets Moves a Bit Higher

I’m KayDee Gilkey with the Market Line Report for August 21, 2013.

Wheat futures attempted to trade in the green for most of the session Tuesday but found strong selling resistance at the close to settle lower on the day. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Corn finished the day down 8 1/2 cents. It was mixed news coming out, the traders are seeing stronger than expected yields in Ohio and South Dakota. On the other hand, corn basis is up 10 cents. With wheat - more than anything else wheat seems to be a big follower right now of the other grains. Really lacking new news or game changing news to push or change direction.”

Chicago September Wheat ended Tuesday up 4 and 1/2 cents at 6-38 and 3/4 . September corn ended the day up 14 and 1/4 cents at 4-98.??Portland prices for soft white wheat were down 6 and 1/2 to 7 and 1/4 cents at mostly 7-28 and 1/2. White club wheat was down 7 and 1/4 to 10 and 3/4 cents at mostly 7-33 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 1/2 to 7 and 1/2 cents at mostly 8-09 and 3/4. DNS wheat with 14 pct protein prices were down 10 and 1/4 cents at mostly 8-43. ??October live cattle were up 7 and half cents Tuesday at 128-15. September Feeder cattle were up 30 cents at 158-25. September class III milk was down 24 cents at 17-56.