Wheat Market Ends Lower

Wheat Market Ends Lower

I'm KayDee Gilkey with the Market Line Report for May 14, 2012.

The wheat market pushed to a new contract low and a new contract low close as the steep sell-off in the other grains, especially soybeans, helped to pressure. From the floor of the CME, Chris Robinson with Top Third Ag shares his observations of Friday’s markets.

Robinson: “Traders were looking at here today at the story of the massive trading losses at JP Morgan. Starting out at two billion -- people are thinking that it will continue to go higher as they work out of what is going on there. But whenever you have a big disruption like that in the trading community you tend to see a sell-off as people try and raise cash as they are not quite unsure what to do. Monday and Tuesday should be interesting if the position that JPMorgan has to be unwound of, it could affect these commodities, we’ll just have to see.”

Chicago July Wheat ended Friday down 4 and 1/4 cents at 5-97. July corn was down 6 and 1/2 cents at 5-81.

Portland prices for soft white wheat and club wheat were not fully established but were at mostly 6-71. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-04 and 7-19. DNS wheat with 14 pct protein prices were not fully established but ranged between 8-67 and 8-82.

June live cattle ended down 70 cents at 115-15. August Feeder cattle were down $1.43 at 157-48. June class III milk was up 47 cents at 14-89.

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