Wheat Closes Mixed

December wheat closed slightly lower on the session Tuesday and is now down seven sessions in a row. Weakness in corn and continued sluggish demand news helped to pressure. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday's markets.

Vaclavik: "Grain markets here on Tuesday were mixed. Corn market was a little bit lower, beans were sharply higher and wheat was mixed. The wheat market has backed off significantly. We've traded over $7 bucks in the December Chicago contract we've sold off recently. Friday's report was a little bit negative there. We've seen the corn market gain on wheat after getting to historically wide levels there just a couple of weeks ago. I think that wheat is going to kind of be a follower of corn to some extent but on its own it really doesn't have a leg to stand on at this point in time. I think the world supplies are ample and we don't have any big problems here in the U.S."

Chicago December Wheat ended Tuesday down a penny at 6-45 and 1/4. December corn ended the day down 2 and 1/2 cents at 4-32 and 1/4.??Portland prices for soft white white were down a penny at mostly 6-89 and 1/4. White club wheat prices were down a penny at mostly 7-14 and 1/4. Bids for Hard Red Winter wheat with 11.5 percent protein were not available for November delivery. DNS wheat with 14 percent protein prices were down 3 and 1/4 cents at mostly 8-23 and 1/4.

?December live cattle were down 7 and half cents Tuesday at 132-67 and half. January Feeder cattle were up 2 and half cents at 164-20. December class III milk down 12 cents at 17-97.