Wheat Market Moves Moderately Lower

Wheat Market Moves Moderately Lower

I’m KayDee Gilkey with the Market Line Report for Oct. 29, 2012. ?
Wheat futures weakened into the close on Friday to post slight losses for the week. From the floor of the CME Group, Gary Kozlowski shares his observations of Friday’s markets.

Kozlowski: “Now if we look over at wheat right now. One of the top stories is that the Ukraine region has stopped exporting. They put a ban on it. That’s it they’re done. Also if you look over at Russia, they are right on the brink of doing the same thing. They didn’t have a good year. Also if you look at down at Australia, they had an extremely dry season, there isn’t a lot of product out there. But the wheat has been holding in a pretty tight range in the last week, week and a half. We look for it to continue in that same range.”

Chicago December Wheat ended Friday down 9 cents at 8-63 and 3/4. December corn ended the day down 4 and 1/4 cents at 7-37 and 3/4.

Portland prices for soft white wheat and club wheat were down 4 to 15 cents ranging between 8-78 and 3/4 and 8-85. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 5 cents to up a nickel at mostly 9-87 and 1/4. DNS wheat with 14 pct protein prices were down 5 and 1/4 to 6 and 1/4 cents at mostly 10-30.

December live cattle were down Friday 40 cents at 125-25. November Feeder cattle were down 73 cents at 145-33. November class III milk was up 9 cents at 21-13.

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