Wheat Ends Tuesday Higher on Rain in Forecast

I’m KayDee Gilkey with the Market Line Report for June 10, 2015.
Soybeans and wheat closed higher with rain in the forecast which will continue to delay soybean planting and wheat harvest. From the floor of the CME Group, Virginia McGathey shares her observation of Tuesday’s markets.
McGathey: “There is a posturing going on waiting for the report tomorrow. There is a lot of activity on the floor. Led by beans today — it looks like the wet weather has got the planting schedule a little behind and giving the market something to be hopeful for. Think about this — in the past week wheat is rallied almost 50 cents. This is the second time in about two months that the market has moved that big. We’ve got a lot of volatility and we expect a lot of action when the report comes in tomorrow at 11 o’clock.”
Chicago July Wheat ended Tuesday up 4 and 1/4 cents at 5-32 and 1/4. July corn ended the day down a 1/4 of a cent at 3-65.
Portland prices for soft white wheat of ordinary protein were steady to up 4 and 3/4 cents for August delivery of new crop ranging between 5-86 and 6-33 and 3/4. White Club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up 3 and 3/4 cents at mostly 6-44 and 1/4. DNS wheat with 14 percent protein prices were up 2 and 1/4 cents at mostly 7-70 and 3/4.
August live cattle were up $1.27 and a half on Tuesday at 152.87 and half. August Feeder cattle were up $1.37 and half at 224.22 and half. July class III milk was up 38 cents at 17-52.