Wheat Follows Corn Up

I’m KayDee Gilkey with the Market Line Report for August 26, 2013.

Wheat futures continues to follow the corn market's cue, which means the market could trend higher this week if the forecast for hot, dry Midwest weather materializes. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “Wheat right now really just a follower in this whole situation following values on corn both were up 5 cents today. They’ve been pretty lock step in here. Wheat news Canada is expected to produce the largest crop they’ve seen in 22 years. Another one of the factors is world wheat production does remain bearish at this time, regardless of what we have here.”

Chicago December Wheat ended Friday up 5 and 1/2 cents at 6-46. December corn ended the day up 5 and 1/2 cents at 4-70.??Portland prices for soft white wheat were up 4 to 15 and 1/2 cents at mostly 7-33 and 1/4. White club wheat was 4 to 15 and 1/2 cents at mostly 7-40. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/4 cents at mostly 8-11 and 1/2. DNS wheat with 14 pct protein prices were steady to down 3 cents at mostly 8-24 and 1/4. ??October live cattle were down 50 cents Friday at 126-70. October Feeder cattle were down $1.15 at 158-85. October class III milk was up 34 cents at 17-73.