Wheat Markets End Wednesday Mostly Higher

Wheat Markets End Wednesday Mostly Higher

I’m KayDee Gilkey with the Market Line Report for May 21, 2015.
Wheat closed mostly higher as concerns with heavy rains in the Southwest may cause crop damage. From the floor of the CME Group Scott Shellady shares his observations of Wednesday’s markets.
Shellady: “Right now we have wheat hovering around unchanged. We have corn off a couple three cents, beans off6 or 7 cents but that has been the trade du jour as of late. Just heavy negative news. Every now and again we did see some good bullish movement in the wheat when we had some weather issues to worry about. But really that’s caused the big record short in wheat get exaggerated that move a little bit. Sympathy in corn and beans on the way up. But really we are going to need to feed that bull every day to continue to sustain that rally and it looks like we are going to have a difficult time doing that.”
Chicago July Wheat ended Wednesday up 2 and 3/4 cents at 5-13. July corn ended the day down 2 cents at 3-60.
Portland prices for soft white wheat of ordinary protein were steady to up 1 and 1/2 cents for August delivery of new crop ranging between 5-85 and 6-20. White Club wheat of ordinary protein had no nearby price comparisons. May delivery of Hard Red Winter wheat with 11.5 percent protein prices were steady to up a nickel at mostly 6-22. DNS wheat with 14 percent protein prices were up 4 cents at mostly 7-66 and 1/4.
June live cattle were down 62 and half cents on Wednesday at 151.35. August Feeder cattle were down 45 cents at 216.70. June class III milk was down a penny at 16-50.

 

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