Wheat Market Up Again

(AgInfo) – Short covering in wheat was noted, following the gap higher open in corn on Tuesday morning. Statistics Canada will release all wheat planting intentions on Wednesday. From the floor of the CME Group, Robert Chesler shares his observations of Tuesday’s markets.
Chesler: “Well, last time we talked we about dryness, we talked about heat. Today we are going to start with something called the rain dance. Ancient fact, it always worked because they did it until it rained, no matter how long it took. There is a lot of people out there doing the rain dance, right now as we speak because it has been dry, it is forecasted to stay dry. We are going to be hitting temps in the 100 degree level. There is a lot of real concern, of course it could change in a heartbeat if we do get some rains, but look for the strength to continue.”

Chicago September Wheat ended Tuesday up 7 cents at 7-48. September corn ended the day up 28 cents at 6-19 and 1/4.

Portland prices for soft white wheat and club wheat were up a dime to 25 cents at mostly 7-47. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 to 4 cents at mostly 8-04. DNS wheat with 14 pct protein prices were up 6 cents at mostly 9-45.

August live cattle ended down 40 cents at 115-48. August Feeder cattle were down $2.10 at 147-70. August class III milk was up 3 cents at 17-51.