Wheat Market Has Strong Rally

(AgInfo) – Strong gains in the corn market due to weather concerns made it easy for wheat to rally on Monday. Fundamentally, the market continues to benefit from crop concerns in areas of the Former Soviet Union, Europe, China and Australia. From the floor of the CME Group, Frank Lesh shares his observations of Monday’s markets.
Lesh: “Limit up in corn today. All across the board — July, Sep, Dec corn all up limit 40 cents higher, and look to be headed higher as well. Looks like September wheat also up 50 cents or so. Corn right now here, two weeks ago we were trading $5 and here we are six or seven sessions later pushing $6 and certainly wouldn’t be surprised to see us, in the next week or so, trading $7 corn.”

Chicago September Wheat ended Monday up 53 and 1/2 cents at 7-41. September corn ended the day up 40 cents at 5-91 and 1/4.

Portland prices for soft white wheat and club wheat were up a nickel to 20 cents at mostly 7-33. Hard Red Winter Wheat with 11.5 pct protein prices were up 38 to 42 cents at mostly 8-02. DNS wheat with 14 pct protein prices were up 17 to 27 cents at mostly 9-38.

The sharp corn market gains, driven by weather conditions have pressured
feeder cattle sharply lower Monday. August live cattle ended down $1.03 at 115-88. August Feeder cattle were down $3 even at 149-80. August class III milk was up 29 cents at 17-48.