Market Line 6/20, 2014

Wheat futures mixed. I'm David Sparks filling in for KayDee Gilkey with the Market Line Report for June 20, 2014.

In early trading July wheat futures were mixed, from a 0.25 of a cent lower to 2.75 cents per bushel higher than Wednesday's closes, with the decline in Minneapolis and the advance in Kansas City.

Bids for 11.5 percent protein US 1 Hard Red Winter Wheat for June delivery were not fully established in early trading but were indicated as 2.75 to 4.75 cents per bushel higher compared to Wednesday's noon bids.

The USDA will release its quarterly Grain Stocks and Acreage reports on June 30. These reports provide important fundamental information that will set the tone for the corn market going into the critical stage of the growing season.

Cattle? Here's Kevin Craney with RJO Futures: "Cattle prices continue to trade higher after the reversal on Tuesday and really what we are looking at is the cattle on feeders report coming out Friday but again looking at the supply situation within the whole feed chain itself we have better pasture conditions out West, the heat is not as bad as expected so that is certainly causing some concerns for a little bit later on in terms of being able to source the cattle so the supply may not be quite adequate later on and I think that's why you are starting to see a bit of a reversal on a bid back in cattle. It does feel like after that reversal yesterday, that the momentum is with the bulls and we could see more upside. What's more troubling is that there are supply concerns in pork as well so given that there is a supply concern in both pork and cattle, how much will consumers actually continue to buy from a higher meet price and how high can these cattle prices go?"