Quiet Wheat Market Slightly Lower

Quiet Wheat Market Ends Slightly Lower
I’m KayDee Gilkey with the Market Line Report for Oct. 31, 2012. ?

December Chicago wheat ended the day slightly lower and struggled to advance throughout the day amid growing concern over the sluggish US export pace on Tuesday. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.

Shellady: “Really not a lot to read into the market here -- if anyone tells you differently -- there isn’t a big story except for this hurricane. We were all glued to the tv around the exchange floor. Slow volume is number one and number two we did have a bounce back. Everything in the grain room today -- soybeans, corn and wheat -- bouncing back from yesterday’s kind of cash sell off, took some risk off the table. Today, they put it back on, and just a tad because it looks as though we will get things started tomorrow.”

Chicago December Wheat ended Tuesday down 1 and 1/2 cents at 8-56 and 3/4. December corn ended the day up 4 and 3/4 cents at 7-41 and 3/4.

Portland prices for soft white wheat and club wheat were down 1 and 1/4 to 5 cents at mostly 8-76. Hard Red Winter Wheat with 11.5 pct protein prices were down a penny at mostly 9-87 and 1/4. DNS wheat with 14 pct protein prices were down 1 and 1/2 to 3 and 1/2 cents at mostly 10-21 and 3/4.

December live cattle were up Tuesday 93 cents at 126-20. November Feeder cattle were up $1.13 at 147-05. November class III milk was up 11 cents at 20-97.

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