Volatile Day in Grain Markets

Volatile Day in Grain Markets

Volatile Day in Grain Markets

I'm KayDee Gilkey with the Market Line Report for July 12, 2012.

Yesterday one of the most-anticipated USDA reports, the World Agricultural Supply and Demand Estimates Report or WASDE was released and it caused a roller coaster ride in the grain markets. Wheat futures were highly volatile on Wednesday posting double-digit gains and losses during the session.
The report results for wheat was bullish with all wheat production coming in at 2.22 billion bushels which was below expectations and compared to 2.23 billion last month.
Kevin VanTrump, CEO and Owner of Farm Direction, discusses how the market reacted to the release of the WASDE report.

VanTrump: “The WASDE was exciting and bullish, but at the same time it has the trade kinda sitting here wondering, ‘Where do we go from this point forward?’ So I think it has caused some concern and has caused some of the bigger traders to take a little bit of their longer positions off the board here today.”

Chicago September Wheat ended Wednesday up a nickel at 8-26 and 1/4. September corn ended the day down 14 and 1/2 cents at 7-04.
Portland prices for soft white wheat and club wheat were steady to down 2 cents at 8-21. Hard Red Winter Wheat with 11.5 pct protein prices were ranged from up 9 to down a penny at mostly 8-76. DNS wheat with 14 pct protein prices were up 2 cents at mostly 10-13.

August live cattle ended Wednesday down 40 cents at 118 even. August Feeder cattle were up 88 cents at 144-23. August class III milk was up a dime at 17-54.

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

Learn more about Kevin's company, Farm Direction where he provides you with the news, information and strategies that will help you properly position yourselves in these adverse market conditions and extremely volatile times.

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