Slightly Higher Wheat Markets on Wednesday

Wheat markets up slightly and cattle prices continue to be strong on Wednesday. From the floor of the CME Group, Alexandra Lively shares her observations of Wednesday’s markets.
Lively: “Wheat harvest is expected to begin in the Black Sea Region and in Western Eurpoer in the next several weeks. Analysts tell me that production estimates look very good for France and Germany and that the U.S. will have to continue narrowing its premium to Black Sea Region and European wheat prices. Pit traders tell me as the market expected Brazil approved imports of 1 million tons of wheat tariff-free and in terms of Egypt it appears their stocks will cover their needs for at least the next six months.”
Chicago September Wheat ended Wednesday up 3 and 1/2 cents at 5-84 and 1/4. September corn ended the day down a penny at 4-35 and 3/4.
Portland prices for soft white wheat were up a half of a cent to 4 and 1/2 cents at mostly 6-95 and 1/4. White club wheat prices were steady to up 4 and 1/2 cents at mostly 7-32. Hard Red Winter wheat with 11.5 percent protein prices were up 9 and 3/4 cents at mostly 8-03 and 1/2. DNS wheat with 14 percent protein prices were mixed down 2 and 3/4 to up 1 and 1/4 cents at mostly 8-35 and 3/4.
August live cattle were up 92 and half cents on Wednesday at 150-65. August Feeder cattle up $1.50 at 212-12 and half. July class III milk was down 28 cents at 21-67.