Wheat Market Builds on Global Production Concerns

I'm KayDee Gilkey with the Market Line Report for August 7, 2012.?
The wheat market found support Monday after a private Russian consultant lowered their Russian wheat production forecast to 40.5-43 million tonnes. This was down from previous estimates of 46.5 million tonnes. Above normal heat and below normal precipitation continues to stress spring wheat areas in Russia, which is adding to the supportive trade. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.

Robinson: “Today Monday beginning of the week, the outside markets were pretty supportive, the Dow Jones was above 13,000 - that is supportive. However the big news in the grains were the rains that we received Saturday some good soaking rains in Iowa in parts of Illinois and also parts of Indiana. We had a nice wide stretch where a lot of areas got about two inches of rain.”

Chicago September Wheat ended Monday up 2 cents at 8-93 and 1/4. September corn ended the day down 7 cents at 8-03.

Portland prices for soft white wheat and club wheat were steady to up 7 cents at mostly 8-75. Hard Red Winter Wheat with 11.5 pct protein prices were unchanged at mostly 9-43. DNS wheat with 14 pct protein prices were down 5 to 6 cents at mostly 9-85.

October live cattle ended Monday down 3 cents at 124-35. September Feeder cattle were down 15 cents at 138-80. September class III milk was up 35 cents at 19-12.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.