Wheat Markets Up Again

(AgInfo) – Chicago wheat traded 12-14 cents higher late in the session Wednesday on short covering and a decent recovery in the other grains. This was prompted by the idea that the USDA will decrease the world production estimates next month. From the floor of the CME Group, Scott Shellady shares his observations of Wednesday’s markets.

Shellady: “Well not as much fireworks as we’ve had in the last few days. But you know there is still a fair amount of talk in the grain room about whether we may or may not run out of corn. And I think if I had been sitting in this chair a week or two ago, would have seen that front month gain on the back months which would tell you that there was a tightness out there. Cash is relatively well bid for corn right now but really what is out there is the hot dry weather. we’ve seen an explosive rally in the last few days.”

Chicago July Wheat ended Wednesday up 14 and 1/2 cents at 6-64. July corn ended the day down 3/4 of a cent at 6-11 and 3/4.

Portland prices for soft white wheat and club wheat were up a nickel at mostly 7-03. Hard Red Winter Wheat with 11.5 pct protein prices were up 14 to 17 cents at mostly 7-64. DNS wheat with 14 pct protein prices were up 19 cents at mostly 9-24.
August live cattle ended down 40 cents at 117-10. August Feeder cattle were down 85 cents at 152-75. July class III milk was up 13 cents at 16-66.