Wheat Market Follows Other Grains Sell-off

Wheat Market Follows Other Grains Sell-off

I’m KayDee Gilkey with the Market Line Report for Sept. 27, 2012. ?
Wheat futures posted double-digit losses and the US dollar moved sharply higher. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “We have a quarterly stocks report on Friday. Kind of a mixed bag there -- it depends who you talk to it is going to be kind of tough as traders to figure out with the early harvest this year. A lot of people think it will be hard to decipher between old and new crop and a lot of people won’t believe what the USDA has to say regardless of whether or not it is bullish or bearish. Harvest progress continues rapidly. We are at record pace for both corn and soybeans. Hard wheat growers having some trouble getting things planted as it is very, very dry.”

Chicago December Wheat ended Wednesday down 17 and 1/4 cents at 8-69 and 1/4. December corn ended the day down 19 cents at 7-24 and 3/4.

Portland prices for soft white wheat and club wheat were down 5 to 21 and 1/2 cents at mostly 8-62 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 and 1/2 cents at mostly 9-42 and 1/2. DNS wheat with 14 pct protein prices were mixed down 12 and 3/4 cents to up 2 and 1/4 cents at mostly 9-79 and 1/2.

October live cattle were down Wednesday 48 cents at 122-23. October Feeder cattle were up 93 cents at 146-10. October class III milk was up 17 cents at 20-89.

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