Wheat Market Down Again

Wheat Market Down

I'm KayDee Gilkey with the Market Line Report for June 13, 2012.

Aggressive fund selling in corn and a lack of new demand news helped to keep sellers active and buyers at bay for Tuesday’s wheat market. From the floor of the CME Group, Jerrod Kitt with The Linn Group shares his observations of Tuesday’s USDA report results.

Kitt: “It is report day here at the Chicago Board of Trade, so let’s look at what it said. Gravitating over to wheat it was generally speaking a kind of mixed to slightly negative report. We did get a slight reduction in wheat production but it was probably a little bit less than the market was looking for. Sold off a little bit post report, nothing too exciting though. They actually took domestic-carryout down a little bit based off of exports. I’m a little puzzled as to why they did that. U.S. wheat is not very competitive right now and we could struggle from that prospective.”

Chicago July Wheat ended Tuesday down 14 and 1/2 cents at 6-16. July corn ended the day down 8 cents at 5-84.

Portland prices for soft white wheat and club wheat were down 10 to 20 cents at mostly 6-65. Hard Red Winter Wheat with 11.5 pct protein prices were down 12 to 17 cents at mostly 7-19. DNS wheat with 14 pct protein prices were down 23 to 25 cents at mostly 8-94.

August live cattle ended unchanged at 120-30. August Feeder cattle were up 90 cents at 161-15. July class III milk was up 21 cents at 16-71.

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