Wheat and Corn Steady on Monday

Wheat and Corn Steady on Monday

I’m KayDee Gilkey with the Market Line Report for Tuesday, June 6th. From the floor of the CME Group here isI’m KayDee Gilkey with the Market Line Report for Tuesday, June 6th. From the floor of the CME Group here is Virginia McGathey

McGathey: “Corn has been steady. Futures are really holding in that consolidative channel right now a break out above $3.80 would definitely signal an uptrend. There could be a scramble because there would be a lot of short covering. There is a big short position in there right. If that starts to cover, we could see a nice rally at that point. But the market is kind of holding and really trading a little bit sideways. Wheat on the other hand is a little weaker today. There has been choppy trade — not a lot happening and that was putting some pressure on the futures. There wasn’t a big sell off though and it is holding in a lower part of the channel and there are other issues with the wheat because of weather issues right now.”
Chicago July Wheat prices closed Monday unchanged at 4-29 and 1/2. July corn ended the day up a a 1/4 of a cent at 3-73.
Portland prices for June soft white wheat of Ordinary Protein ended the day unchanged ranging from 4-74 and 1/2 to 4-85. Hard Red Winter wheat with 11.5% protein, prices for June were down 3 and 1/4 cents ranging from 5-05 to 5-15. June DNS wheat with 14 % protein prices were up 5 and 1/4 cents ranging from 6-89 to 7-14.
August live cattle were up 15 cents on Monday at 126-20. August feeder cattle were up $1.15 at 159-35. July class III milk was down 9 cents at 16-86.

 

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