Wheat Market Trades Both Sides of Unchanged

A lower trade in the corn market pressured wheat futures Tuesday morning but bulls were able to push futures into the green at midday to end day lower. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Well, Tuesday’s grain trade really end in a whimper. Wheat had a pretty boring day but was the outlier. It ended up a penny on the day on strength of row crops -- that is really old news but continues to be recycled. Traders continue to say the market is oversold, but it continues to claw higher.”

Chicago December Wheat ended Tuesday down 3 cents at 6-63 and 3/4. December corn ended the day down 14 and 1/4 cents at 4-86 and 1/4.??Portland prices for soft white wheat were mixed down 4 and 1/4 to up 2 cents at mostly 7-40. White club wheat was mixed down 4 to up 2 cents at mostly 7-46 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/4 cents at mostly 8-19. DNS wheat with 14 pct protein prices were mixed down 2 and 1/4 cents to up 3/4 of a cent at mostly 8-42. ??October live cattle were 42 and half cents Tuesday at 126-72 and half. October Feeder cattle were up $1.15 at 155-27 and half. October class III milk was down 22 cents at 17-92.