Big Gains in Wheat Market

I’m KayDee Gilkey with the Market Line Report for August 27, 2013.

Wheat futures saw strong spillover from sharp gains in neighboring corn and soybean markets. Futures extended early gains on indication of stronger-than-expected export demand. From the floor of the CME Group, Scott Shellady shares his observations of Monday’s markets.

Shellady: “Pretty hectic day on the grain room floor. In the end November beans up just over 60 cents on the day, we had December corn up just over 30 cents and wheat followed in sympathy again with about 22 cents rally. But if you were long it was a great day -- everything was up across the board all on the hot weather.”

Chicago December Wheat ended Monday up 20 and 3/4 cents at 6-66 and 3/4. December corn ended the day up 30 and 1/2 cents at 5-00 and 1/2.??Portland prices for soft white wheat were up 5 and 3/4 to 10 and 1/2 cents at mostly 7-42 and 1/4. White club wheat was up 5 and 3/4 to 10 and 1/4 cents at mostly 7-48 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 3/4 to 12 and 3/4 cents at mostly 8-22 and 1/4. DNS wheat with 14 pct protein prices were up 13 and 1/2 to 16 and 1/2 cents at mostly 8-39 and 3/4. ??October live cattle were up 45 cents Monday at 127-15. October Feeder cattle were down $3 at 155-85. October class III milk was up 41 cents at 18-14.