Wheat Follows Corn Higher

(AgInfo) – The market stayed strong for much of the session in a fairly tight range on Monday. The turn down in the US dollar helped to provide some underlying support and some stability for US financial markets helped. Some rains in the plains could slow harvest but this does not seem to be much of a factor with the harvest coming in much earlier than normal.

From the floor of the CME Group, Joe Vaclavik with Standard Grain shares his observations of Monday’s markets.

Vaclavik: “Grain markets mostly higher to start the week. A little bit of a weather scare over the weekend we got a little bit warmer forecast for the next week or so relative to Friday. Not much of a difference in rain amounts but heat is going to increase across the corn belt in most places. As a results we saw corn sharply higher today samething with wheat.”

Chicago July Wheat ended Monday up 15 and 1/2 cents at 6-27 and 3/4. July corn ended the day up 16 and 1/4 cents at 5-68 even.

Portland prices for soft white wheat and club wheat ranged from steady to down 15 cents at mostly 6-66. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 to 18 cents at mostly 7-35. DNS wheat with 14 pct protein prices were up 3 cents at mostly 8-85.

August live cattle ended up 38 cents at 119-98. August Feeder cattle were up $1.10 at 158-48. July class III milk was down 16 cents at 15-77.