Choppy Day for Wheat Market

Choppy Day for Wheat Market

Choppy Day for Wheat Market

I'm KayDee Gilkey with the Market Line Report for June 29, 2012.

Wheat futures were choppy through the day on Thursday, but the market softened with corn into the close. Outside markets turned negative midday after President Obama's healthcare package was upheld in the Supreme Court. U.S. stocks and energies are sharply lower while the US Dollar turned higher.

From the floor of the CME Group, Jack Scoville shares his observations of Thursday’s markets.
Scoville: “Prices generally closing lower on the day after trading both sides of unchanged. It is really kinda of a crazy market that reflecting not only the news out today but preparations for all the news that will come tomorrow. Today with the US Supreme Court ruling that the health care laws were legal that presented a challenge to traders here as it affected the dollar and did cause some changes in the commodity prices as well.”
Chicago September Wheat ended Thursday down 5 and 1/4 cents at 7-46. September corn ended the day down a penny and a 1/4 at 6-26 and 1/4.

Portland prices for soft white wheat and club wheat were steady at mostly 7-52. Hard Red Winter Wheat with 11.5 pct protein prices ranged from down 7 to up 3 cents at mostly 8-04. DNS wheat with 14 pct protein prices were steady to up a nickel at mostly 9-45.

August live cattle ended up $2.08 at 119-33. August Feeder cattle were up $1.60 at 150-45. August class III milk was up a nickel at 17-53.

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

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