Wheat Market Nearly Unchanged

Wheat Market Nearly Unchanged

I’m KayDee Gilkey with the Market Line Report for Sept. 5, 2012.

On Tuesday, the three wheat markets closed near unchanged due to lack of interest from either side of the market. There was some support from thoughts that the pace of Russian exports could stall in the next 1-3 months after this year's drought slashed wheat yields, which could push more demand to the US later this year. From the floor of the CME Group, Virginia McGathey shares her observations of Tuesday’s markets.

McGathey: “Right now tight supplies with corn and in wheat have actually brought them along as well. There have been some USDA reports that the yield is going to be worse than they thought with outside markets also underpinning those prices. The dollar was up a little bit and the crude was a little bit lower. We really expected market to be all over the place.”?

Chicago September Wheat ended Tuesday down 4 cents at 8-66. September corn ended the day up 4 and 1/4 cents at 8-07.
Portland prices for soft white wheat and club wheat were up 5 to 10 cents at mostly 8-79. Hard Red Winter Wheat with 11.5 pct protein prices were up a penny at mostly 9-36. DNS wheat with 14 pct protein prices ranged from down 5 and 1/2 cents to up a 1/2 of a cent at mostly 9-86.

October live cattle ended Tuesday up 15 cents at 126-18. September Feeder cattle were up 40 cents at 145-even. September class III milk was up 8 cents at 18-97.

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