Wheat Market Pulls Back

Wheat Market Pulls Back

I'm KayDee Gilkey with the Market Line Report for July 9, 2012.

Wheat traded sharply lower heading throughout the trading session on Friday as pressure spilled over from the corn pit and perhaps from a general deterioration of global macro economic expectations. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “What we’ve seen also is that wheat pulling back after some big strength in the middle of the week. Bottom line there is can wheat disassociate itself from corn and become a food grain not just a feed grain. The concerns about the crop in Russia and the Ukraine and the lack of the export offers recently out of the Black Sea helps to support those ideas. Although wheat pulled back here today.”
Chicago September Wheat ended Friday down 31 and 3/4 cents at 8-06 and 1/4. September corn ended the day down 13 and 1/2 cents at 6-95 and 1/4.
Portland prices for soft white wheat and club wheat were down 5 to 15 cents at 8-05. Hard Red Winter Wheat with 11.5 pct protein prices were down 34 to 37 cents at mostly 8-59. DNS wheat with 14 pct protein prices were down 25 to 30 cents at mostly 9-99.

August live cattle ended up Friday a nickel at 119-20. August Feeder cattle were up 58 cents at 146-53. August class III milk was up 4 cents at 17-52.

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