Dismal Week for Wheat Market

Dismal Week for Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 19, 2012. ?

Last week Chicago wheat ended sharply lower and near the bottom of the market's downtrending range.Portland grain handler labor issues still have not been solved, no word on how negotiations how going. From the floor of the CME Group, Larry Shover shares his observations of Friday’s markets.

Shover: “Traders I just spoke to are recently saying that wheat is falling in sympathy with soybeans and also in severe strength that we are seeing in the U.S. dollar. One other thing to mention about wheat right now is that weather reports are coming out in southern and central plains for severe dry weather right now. So that is not helping the wheat story right now.”

Chicago December Wheat ended Friday down 7 and 1/2 cents at 8-38. December corn ended the day up 5 and 3/4 cents at 7-27.

Portland prices for soft white wheat and club wheat were down 2 and 1/2 to 8 cents ranging between 8-57 and 8-63. Hard Red Winter Wheat with 11.5 pct protein prices were down 1/2 of a cent to 10 and 1/2 at mostly 9-67. DNS wheat with 14 pct protein prices were down 9 and 3/4 to 10 and 3/4 cents at mostly 10-01.

December live cattle were up Friday 55 cents at 126-15. November Feeder cattle were steady at 143-48. November class III milk was down nickel at 20-74.