Wheat Market Back Up

(AgInfo) – The strength in the wheat market on Monday stemmed from a sharply higher corn market as the trade continues to be concerned over the drought conditions in the Corn Belt and the effect on the new crop corn yield. Weather maps are showing a break from the record heat this week, but mostly dry conditions. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “This is a dynamic trade. I mean for a Monday 9th — we’re two days out from a major USDA crop report. Obviously everyone is looking at the WASDE Report. The bottom line is weather is driving this market. We’ve had extraordinary gains. We’ve seen record day. The high today places that corn market really within striking distance 12 to 13 cents of the all-contract life of history high record of the corn market 7-99 and 1/2.”
Chicago September Wheat ended Monday up 22 cents at 8-28 and 1/4. September corn ended the day up 36 and 3/4 cents at 7-32.
Portland prices for soft white wheat and club wheat were up 20 to 25 cents at 8-25. Hard Red Winter Wheat with 11.5 pct protein prices were up 21 cents at mostly 8-80. DNS wheat with 14 pct protein prices were up 21 cents at mostly 10-20.

August live cattle ended Monday down 15 cents at 119-05. August Feeder cattle were down $2.25 at 144-28. August class III milk was steady at 17-52.