Wheat Up Tuesday
The wheat market continued higher on Tuesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.Vaclavik: “The wheat market continues to focus on weather throughout the Southwest Plains — portions of Kansas, Oklahoma, Texas, Nebraska and Colorado —your big hard winter wheat producing areas remain very hot and very dry, setting some record highs for temperature in parts of Oklahoma and Kansas on Tuesday. So the market posted new highs in Kansas City, Chicago and Minneapolis contracts this week and it doesn’t looks like there is an end in sight. The one thing I’d be leery of is that the market is overbought technically. We are coming into harvest — which is generally a bearish seasonal time frame. You just got to be careful since a lot of this weather and poor production story is nothing new.”Chicago July Wheat ended Tuesday up a dime at 7-39. July corn ended the day up 9 and 1/2 cents at 5-17 and 1/2.Portland prices for soft white wheat were steady to up 10 cents at mostly 8-02 and 3/4. White club wheat prices were steady to up 10 cents at mostly 8-47 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 13 and 3/4 cents at mostly 9-45 and 3/4. DNS wheat with 14 percent protein prices were up 15 and 1/2 cents at mostly 9-36 and 3/4.June live cattle were up 77 and half cents on Tuesday at 138.30. August Feeder cattle were up $1.45 at 191-25. June class III milk was down 34 cents at 21-09.