Sharply Lower Wheat Market

Sharply Lower Wheat Market
I’m KayDee Gilkey with the Market Line Report for Oct. 2, 2012. ?

December Chicago wheat traded sharply lower into the close Monday as traders took profits from the sharp gains seen Friday. From the floor of the CME Group, Jack Scoville shares his observations of Monday’s markets.

Scoville: “Markets traded generally sharply lower. Beans the leader to the downside, but wheat not really far behind. Wheat continues to be pressured by poor demand prospects, Europe really undercutting us. No real demand showing over the weekend and no export announcements for any commodity except for really corn here over the weekend.”

Chicago December Wheat ended Monday down 18 and 1/4 cents at 8-84 and 1/4. December corn ended the day up a 1/2 of a cent at 7-56 and 3/4.

Portland prices for soft white wheat and club wheat were down 4 and 1/2 cents to 18 and 1/4 cents at mostly 8-76. Hard Red Winter Wheat with 11.5 pct protein prices were down 20 and 1/2 cents at mostly 9-65. DNS wheat with 14 pct protein prices were down 21 cents ranging between 9-97 and 1/2 and 10-17 and 1/2.
October live cattle were up Monday 95 cents at 123-03. October Feeder cattle were up 88 cents at 144-68. October class III milk was up 27 cents at 21-13.

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