Wheat Continues Lower

Friday's highs failed to attract new buying interest on Monday in the wheat market and the market set back into the mid-day and closed lower. From the floor of the CME Group, Greg Wagner shares his observations of Monday's markets.

Wagner: "Now the wheat market closed lower on the Dec Contract -- a little bit disappointing but the same deal as the corn and soybeans. What does this wheat market need? It needs demand. And that demand specifically has to come come from exports and there is no shortage of competitors out there to meet world demand as far as exports. So that will be setting the tone here as we move forward."

Chicago December Wheat ended Monday down 3 and 1/2 cents at 6-46 and 1/4. December corn ended the day up 8 cents at 4-34 and 3/4.??Portland prices for soft white white were down 3 and 1/2 cents at mostly 6-90 and 1/4. White club wheat prices were mixed down 3 and 1/2 to up 6 and 1/2 cents at mostly 7-15 and 1/4. Bids for Hard Red Winter wheat with 11.5 percent protein were not available for November delivery. DNS wheat with 14 percent protein prices were mixed down 3 and 1/2 to up 11 and 1/2 cents at mostly 8-26 and 1/2.

?December live cattle were up 35 cents Monday at 132-75. January Feeder cattle were down 25 cents at 164-17 and half. December class III milk up 20 cents at 18-09.