(AgInfo) – Weakness in the other grains, improving crop conditions and a bearish weather outlook has helped pressure the wheat market to moderately lower on Tuesday into the mid-session. Warm and wet weather for much of the plains and Midwest is seen as good for crop development at this time of the year.
From the floor of the CME, Greg Wagner with GWX Ag Advisors shares his observations of Tuesday’s markets.
Wagner: “The wheat market closed lower. The wheat market is basically tethered to corn’s fortunes and it has its own challenges to confront as far as the supply situation. Wheat Quality Council tour kicked off today, and that will be monitored as they go through the plains states looking at crop conditions for wheat.”
Chicago July Wheat ended Tuesday down 11 and 1/2 cents at 6-43. July corn was down 5 and 1/4 cents at 6-29.
Portland prices for soft white wheat and club wheat were unchanged at mostly 7-15. Hard Red Winter Wheat with 11.5 pct protein was down a nickel at mostly 7-56. DNS wheat with 14 pct protein was down a dime at mostly 9-17.
June live cattle ended down 63 cents at 113-53. August Feeder cattle were up 48 cents at 154-20. June class III milk was up 56 cents at 14-83.
